Cerberus Capital Management has acquired a majority-stake in equipment finance solution provider Axsesstoday.
Following the close of the transaction, Axsesstoday will operate as a privately held company. The value of the transaction was not disclosed.
Axsesstoday provides small to medium sized businesses in the hospitality, transport and other sectors with access to funding to purchase new equipment. SMEs can take out loans of up to $300,000 to buy equipment, without the need of supplying a deposit or establishment fees.
Cerberus Global Investments president Lee Millstein said, “Axsesstoday is a recognized specialist lender for commercial equipment for businesses across Australia.
“We look forward to leveraging our industry expertise, operating experience, and financial resources to expand the Company’s platform. Together with the Axsesstoday team, we are confident we will be able to strengthen the Company, capitalize on growth opportunities, and meet the equipment financing needs of customers.”
This marks Cerberus’ second acquisition in Australia, having previously bought Bluestone Mortgages, a mortgage lending and servicing business.
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