Asset Alliance Group has expanded its UK presence by acquiring commercial vehicle specialists, Hanbury Riverside, based in West Thurrock.
The deal, which includes vehicle assets worth £17 million, gives Asset Alliance Group its first depot in the South East of England, complementing existing bases in Wolverhampton, Hampshire and Scotland.
Hanbury Riverside has built a formidable reputation, primarily for selling high spec tractor units, between one and three years old.
Asset Alliance Group CEO Willie Paterson says: “Hanbury Riverside is a hugely successful business built on very high standards and excellent customer service, so it is a perfect fit for the Group and gives us a really useful base close to London, the Thames Estuary ports and offering good access to East Anglia.
“We also see huge potential to broaden its products and service offering to include specialist truck sales, new and used trailer sales, rental and fleet management.”
Three out of the four existing Directors of Hanbury Riverside are retiring, including well-known industry figure Glyn Davies. Lee Smith, whose father Ron originally founded the business in 1982, will continue to run the site, working alongside existing members of the team.
Davies says: “The ageing profile of the shareholders was the only driver in contemplating the sale of the business. Our main objective was the ongoing care and support of our customers, staff and suppliers, all of whom have been very loyal to us.
“In meeting Asset Alliance Group, it was clear the fit could not be better as we share similar values. We leave the business in very good capable hands.”
Paterson adds: “Our focus at Asset Alliance Group is on sustainable growth and this is a strategic move for us. Our business is financially very solid and adding Hanbury Riverside is a real boost to our portfolio as well as our geographic footprint.”
Established by Paterson in 2010, the Asset Alliance Group has a history of major acquisitions. In 2011 it acquired new and used commercial vehicle business, ATE Truck and Trailer Sales, and in 2013 bought specialist chilled distribution business, Total Reefer.
The following year the Group opened its first retail operation north of the border in Newmains, Scotland, and in 2016 acquired bus and coach specialist Forest Asset Finance, based in Ringwood, Hampshire.