Leasedrive Velo in the mood for acquisition
29 June 2009
Independent fleet firm Leasedrive Velo is on the acquisition trail, according to commercial director Roddy Graham.
Graham claims there are several leasing firms for sale at the moment. "We have said we're acquisitive and there will be opportunities. Some are almost common knowledge," he said.
Graham added that Leasedrive was in the fortunate position not to be worried about vehicle funding thanks to a refinancing deal carried out last autumn.
The deal saw private equity firm Lloyds Development Capital take over from the previous equity partner Lyceum Capital just over 18 months after it supported the merger between Leasedrive and Velo.
Graham continued:?"The business is going quite happily at the moment. We're not feeling some of the challenges the others are. Our funding is secure for the next 12 months.
"LDC are incredibly supportive. They're getting what they invested in and they're committed to the business."