Close Brothers, the FTSE-250 listed, leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading will acquire Bluestone Motor Finance in a cash deal which is expected to complete in Q4 2023.
Close Brothers has over a decade of experience in the Irish motor market, having helped over 130,000 customers finance vehicles. The acquisition of Bluestone Motor Finance aligns with Close Brothers’ commitment to Ireland as a strategic market and represents an important milestone in its commitment to delivering disciplined growth in its Retail business.
Bluestone Motor Finance is an innovative specialist lender providing motor finance solutions to consumers and SMEs in Ireland. Established in 2014, it has successfully originated c.€450 million+ of loans and developed a network of over 650 franchised and independent motor dealers supporting their end-to-end online offering. As at 31st December 2022, it had loans under management of €132 million.
The cross-border Simmons & Simmons team was led by Corporate partner David Brangam and Digital Business partner Alex Brown with assistance from Christine Quigley and Geoff Curran (Corporate) and Nick Mercer and Jananii Vanga (Digital Business).
Commenting on the deal, David Brangam said “It has been a pleasure working with the team at Close Brothers on this exciting acquisition. The deal further showcases Simmons’ market leading capabilities when it comes to advising our financial services clients on cross-border M&A and commercial arrangements in regulated spaces.”
