• Sat. Apr 20th, 2024

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Maxxia invests in North East with Eurodrive motor finance acquisition

Northumberland-based car finance broker, Eurodrive Motor Finance has been sold to Australian-owned asset financing solutions provider Maxxia UK, following transaction advice from Square One Law and Tait Walker Corporate Finance.

The company, which trades as Eurodrive, is a specialist in vehicle finance, operating through a network of 400 franchised and independent new and used car dealers, covering an area from Central Scotland to South Yorkshire.

As a result of the acquisition, Eurodrive aims to grow its 33-strong workforce and offer a broader range of financial products, including benefiting from Maxxia’s leading position in the asset finance and vehicle leasing market.

Eurodrive was founded in 2008 by managing director Stephen Dixon and chief financial officer Derek Goodsir. More recently, Kirstie Tyson joined them as a shareholder in the business. Each will remain with the business following its sale to Maxxia.

Stephen Dixon, said: “We are delighted to be joining the Maxxia group of companies at this stage in our development. The connection to Maxxia will also improve our offering in a number of areas where it has historical strength and the extension of our business, both in terms of products and geography, will afford greater opportunities for Eurodrive staff and customers alike.

“I personally am very excited about the opportunities this new ownership brings. We are very proud of the business we have created and considered a number of options that would enable us to take the business to the next phase of our ambitious growth plans.”

The Maxxia group of companies is a wholly-owned subsidiary of Australian-listed company, McMillan Shakespeare Limited (MSL), and this latest acquisition is part of MSL’s UK growth strategy.

Eurodrive complements Maxxia’s financial services offering, which includes expertise in employee car schemes, vehicle leasing and fleet management, technology leasing, and general asset financing.

Eurodrive has a large portfolio of funder relationships and a dealer-focused technology platform to deliver vehicle finance to personal and business customers.  Its growth has been supported by the development and implementation of a bespoke online proposal, quotation and management information system, EuroDealer.

Corporate partner John Hammill of Square One Law advised the Eurodrive shareholders on their sale of the company. He said: “This transaction demonstrates the confidence Maxxia has in Eurodrive’s business model, which is both innovative and highly successful, and provides Steve, Derek and Kirstie with a great opportunity to accelerate the growth of the business.”

Michael Smith, Tait Walker’s corporate finance partner, commented. “Eurodrive is a very successful business that has developed a platform for substantial growth.  The key to this deal was demonstrating this growth potential to interested parties.  We worked very hard to ensure that we delivered a great deal for Stephen and Derek and a supportive buyer.  From my interactions with Maxxia I’m sure Eurodrive will thrive under its new ownership.

Roger Skinner, CEO of Maxxia, said: “Eurodrive is a perfect addition to our business and a key part of our growth plans. Its team has deep market knowledge in the dealer-facing finance arena and an established network across the UK. This new relationship will further enhance our position our ability to provide our clients with the ideal finance solutions, underlining our position as the trusted partner for asset financing.”