Investec Capital Markets has acquired Masterlease UK, the
country’s twelfth largest contract hire company, from Ally
Financial Inc. (Formerly GMAC Inc.) for an undisclosed sum.

As part of the deal, the operations of the business will be run
by Leasedrive Velo, which will virtually triple its managed fleet
size from 15,200 to more than 40,000.

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The acquisition represents the next step in an active strategy
by Investec to increase the size of its UK asset finance book,
which has seen two other purchases take place in the past nine
months.

Leasedrive Velo itself has a strong track record in M&A,
having been formed  through a speedily completed merger
between Leasedrive and Velo in January 2007. Managing director
David Bird said he expected the integration of Masterlease to
progress “seamlessly” along similar lines.

According to Leasedrive Velo’s commercial director Roddy Graham,
the company had been talking to GMAC about a possible merger with
Masterlease for some time, but had seen discussions slow down due
to the changes occurring to GMAC in the United States.

When GMAC eventually put its contract hire business up for sale
in early 2010, potential buyer Investec became aware of Leasedrive
Velo’s previous intentions and began talks about a three party
agreement.

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Now Investec will continue to fuel the growth of the combined
business through ongoing funding facilities, while Leasedrive Velo
will take end-user risk and use its fleet management expertise to
manage day to day operations and new business
origination.