LONDON, UK: Close Brothers Group has reached an agreement to acquire Bluestone Motor Finance (Ireland) DAC (Bluestone Motor Finance), a provider of motor finance in Ireland in a cash deal.
The transaction is expected to complete in Q4 2023. Bluestone Motor Finance has originated over €450 million since inception in 2014 and had loans under management of €132 million at 31 December 2022.
The transaction is aligned with the group’s commitment to Ireland as a strategic market and represents an important milestone in the commitment to delivering disciplined growth in our Retail business.
Adrian Sainsbury, Group Chief Executive, said: “I am delighted to announce this transaction. Bluestone Motor Finance has delivered impressive growth and will complement our Motor Finance presence in the UK and Ireland, a strategic growth market for the group. We would like to welcome Donal and the team to Close Brothers and look forward to working together to further expand our presence in the Irish market.”
Bluestone Group’s Managing Director, Peter McGuinness, said: “We are very pleased to have agreed terms for the sale of Bluestone Motor Finance to Close Brothers. Under their ownership, we are confident the business will continue to flourish, delivering strong outcomes to the increasing number of customers looking for efficient and flexible solutions to buy a car. Donal Murphy and his team have built a progressive, market leading business in Ireland, and I would like to wish them well in this exciting new chapter. Post completion, we look forward to continuing our relationship with Bluestone Motor Finance and building a new relationship with Close Brothers via our technology business, Fignum.”