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SME lender buys Eclipx Commercial

by Hannah Dowling10 minute read
Eclipx Commercial

SME lender Grow Asset Finance has purchased Eclipx Commercial for $14.6 million, as Eclipx divests its assets to reduce debt.

Grow Asset Finance, part of the Grow Business Funding Group, has purchased fleet finance company Eclipx’s non-core Commercial Equipment Finance Australia business for $14.6 million.

The equipment finance business provides equipment-leasing solutions for SMEs across various sectors, and reportedly received interest from a number of parties in the lead up to the sale.

According to the SME lender, the $14.6-million transaction included refinancing $122 million of loan book debt, which Grow Asset Finance achieved through an institutional structured warehouse facility.


According to Eclipx, all staff of Commercial Equipment Finance Australia will transition with the business with no disruption to employers or clients, and the sale should be finalised within the coming days.

Eclipx CEO Julian Russell said the sale serves as an “important step” of the fleet finance company’s simplification program, which aims to reduce “corporate debt and group complexity”.

The company has sold off a number of other non-core businesses, such as GraysOnline and AreYou Selling, in a divestment scheme emerging from poor financial results recorded in the six months to 31 March 2019.

Grow Asset Finance co-directors David Verschoor and Greg Woszczalski have said that they both see growth potential in the purchase of the commercial business from Eclipx, and reportedly faced fierce competition to secure the deal.

"We’ve been looking for the right opportunity and, while there are many out there, the Eclipx book ticked all the right boxes,” Mr Verschoor said.

“It fits perfectly into our company’s philosophy and growth strategy.” 

Mr Woszczalski added: “This was an opportunity we could not let go.

“Adding an excellent business with high-quality clients partners well with our current Asset Finance and Trade Finance businesses. 

“Plus, the chance to add an institutional structured warehouse facility to our current portfolio of funding arrangements is an important milestone.”

[Related: Purple Circle welcomes 100% LVR lender to its panel]

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Hannah Dowling


Hannah Dowling is a journalist for The Adviser and Mortgage Business.

Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency. 

Email Hannah at: [email protected]