Haydock Finance Limited (“Haydock”), the Blackburn-based asset finance provider, announced yesterday that certain investment funds managed by affiliates of Apollo Global Management, LLC (“Apollo”) have signed an agreement to acquire a majority shareholding in Haydock. They are investing alongside Haydock’s founder and Executive Chairman Jon Wilkinson. The agreement is subject to customary conditions and is expected to close in Q1 2018.
Jon Wilkinson said, “This is a tremendously exciting development for Haydock, a company that has been successfully built over 37 years from its base in Blackburn. Apollo is a leading global alternative investment manager and I believe working together with them offers huge potential for our existing and future introducers and business customers. Already a long-established name in asset finance, Haydock has exciting plans to grow market share in the UK and to diversify our competitive offering.”
Haydock’s advisers on the transaction were EY (Financial) and Squire Patton Boggs (Legal).
Established in 1980, Haydock is one of the largest independent finance companies in the UK, offering Hire Purchase and Finance Lease funding to business customers nationwide. The existing management team, led by Jon, Steve Worrall (Managing Director) and Ian Barr (Credit & Risk Director), will continue to run the business. Backed by strong investment support from Apollo, the team has identified opportunities to grow market share within the current segment focus and to develop the business offering into larger and more competitively priced markets.