Cerberus to acquire Axsesstoday
Alternative investment firm Cerberus Capital Management has executed a Deed of Company Arrangement related to certain subsidiaries of Axsesstoday Limited (Axsesstoday), a provider of equipment finance solutions to small and medium businesses in Australia.
Upon closing of the transaction, Axsesstoday will operate as a privately held company, majority-owned by Cerberus.
“Axsesstoday is a recognised specialist lender for commercial equipment for businesses across Australia,” says Lee Millstein, President of Cerberus Global Investments. “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.”
The partnership between Cerberus and the Axsesstoday management team will represent Cerberus’ second successful acquisition in Australia. In 2018, Cerberus acquired Bluestone Mortgages, a leading specialist mortgage lending and servicing business with operations in Australia, New Zealand, and the Philippines.
The transaction is expected to close by the end of September 2019.