The Paragon Group of Companies has acquired 100% of the issued share capital in Premier Asset Finance Ltd.
The business will be acquired by Paragon Bank PLC's asset finance division, Paragon Bank Asset Finance Limited. Regulatory approval has been received for the transaction.
The initial consideration for the purchase is £8.5m, payable in cash. A further £12m is payable over the following five years, subject to performance conditions.
The consideration is being paid from Paragon's existing cash resources.