Five Arrows Leasing Group (FALG), which includes the financing division Five Arrows Media Finance (or FAMF, formerly known as Fineline; see Media finance world aquiver as Fineline becomes Five Arrows), is being acquired by Paragon Bank, a FTSE 250-listed organisation, for £117 million.
The transaction is expected to be completed by 3 November 2015.
The sale is in line with current owner Rothschild & Co’s strategy to “focus on its core businesses”, reports FALG.
Gareth Wilding, managing director, FAMF (top), said, “Over the last 20 years, Rothschild has developed Five Arrows Leasing into a group of highly successful specialist businesses.
“The whole team is really excited by the new opportunities presented by our new owner, Paragon Bank, who is eager to facilitate our growth and ensure we maintain our position as leading provider of specialist finance to the media industries.
“Over the next three months we will be launching our new brand, but in the meantime it will be business as usual,” he told PSNEurope.
Wilding confirmed that there are to be no staff losses and no immediate changes to procedure for clients. The company will rebrand in due course since the Five Arrows name is not included in the sale.
FAMF has recently provided substantial financial support to facilitate the expansion of Shift4, a digital broadcast and location shooting equipment hire company. Sustained financing has aided in freeing up Shift4’s cashflow, and in July of this year, joint owners Alex Trezies and Alex Thompson were able to complete an estimated seven-year management buy-out three years earlier than anticipated.