Microlease will first acquire the Belgium-headquartered European operations of US rival Telogy, and plans further organic and acquisitive growth over the next 12 to 24 months.
The financing consists of £12.5 million from asset finance provider Lombard Business Finance, a subsidiary of RBS, and £7 million from RBS itself. The deal sees existing backer Lombard expand the size of Microlease’s facility from £7.8 million.
LDC backed the original management buy-out of Microlease led by CEO Nigel Brown in 2006, and invested a further £8.3 million last month.
The company, which rents and sells testing and measurement equipment, will have annual sales of close to £30 million once the acquisition of Telogy International is complete.