The company’s management team will be led by managing director John Biggin and finance director Simon Hobson.

Nordic investment bank Glitnir provided debt and equity funding for the deal. Its integrated finance department will take a minority stake in the company.

Stowmarket, Suffolk-based TruckEast operates in the East of England and specialises in Scania vehicles such as trucks, buses and engines. It also provides services including accident repair, servicing and MOTs.

The company was established in January 2006 after the merger of vehicle dealers Ro-Truck and Derek Jones Commercials. TruckEast generated turnover of £65 million and an operating profit of £1.2 million in 2006.

Mazars and BPE acted for the management team, while Addleshaw Goddard advised Glitnir and the Newco. Grant Thornton performed due diligence.