Aldermore acquired the specialist provider of factoring and invoice discounting solutions to small and medium sized enterprises (SMEs) from AnaCap Financial Partners.
Aldermore also markets finance facilities to SMEs and the integration will enable Absolute to provide a broader range of specialist financial solutions to existing and prospective customers, as well as strengthening and extending its available pool of funding.
Doug Crawford, chief executive of Absolute, will leave Absolute after the integration of both businesses has been completed and Ian Wilkins will assume the role of managing director, Invoice Finance, with responsibility for the day-to-day running of Absolute. Ian will report to Phillip Monks, chief executive of Aldermore.
Phillip Monks said: “This is an important step for Aldermore in its strategic development and represents an exciting opportunity for Absolute to realise its full potential though access to greater funding. Both Aldermore and Absolute have ambitious growth plans which are better achieved by joining forces than by approaching our shared market independently.