HPS Investment Partners LLC acquires Barclays Asset Finance
1st April 2021 – Barclays has agreed to sell its asset finance business (the “Business”) to certain investment funds managed by HPS Investment Partners, LLC (“HPS”), a leading global investment firm with approximately US$68 billion of assets under management as of January 2021. The transaction will be funded and managed by HPS’s European Asset Value Fund (“EAVF”), a fund that acquires financial asset platforms and portfolios.
The Business has approximately 1,500 customers and total assets of £1.15 billion. Upon the change of control, the Business will be combined with PEAC (Pan European Asset Co) Finance, which is the same brand name that EAVF uses for its other European portfolio leasing businesses. PEAC Finance is a pan-European equipment leasing business that operates in eight countries with total pro forma assets of approximately €4 billion. PEAC provides leasing and related services for a variety of assets ranging from information and communications technology to heavy industrial equipment primarily through vendor finance programs.