UK SME asset finance provider LDF has acquired Asset & Corporate Finance (ACF) for an undisclosed amount.

The Southampton-based ACF provides hard asset loans in the construction industry, and LDF claims that the purchase will allow them to provide additional funding by the end of this year.

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According to LDF, ACF will have a hybrid function, able to funding and broker deals, as well as offering LDF’s range of loan products.

The takeover will increase LDF’s workforce to 180 members across its three businesses.

Peter Alderson, managing director of LDF, hopes that the acquisition will boost the company’s growth.

Alderson said: “The acquisition of ACF is a significant milestone for LDF, enabling us to achieve our growth objectives by providing us with a base to strengthen our offer in the South.

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“I am excited to welcome them on board and expand their breadth of clients and product range.”

Gary Cassell, chief operating officer at ACF said: “We see this as a major progression for our business, enabling us to significantly enhance our product range and offer an even better service to both new and existing customers.”