Vehicle broker Synergy Car Leasing bought by Newable

Synergy Car Leasing has been acquired by investment firm Newable for an undisclosed sum.

Newable says it aims to steer the company through its next phase of growth, helping small and medium-sized enterprises (SMEs) implement salary sacrifice schemes.

Synergy Car Leasing was founded in 2006 by Paul Parkinson. Following the acquisition, he will continue in his role as executive chairman.

Phil Reynolds, managing director of Newable Lending, said: “We are pleased to have completed this acquisition and are now looking forward to the next phase of growth for Synergy Car Leasing, building on an exceptional, customer-first track record built over the past 17 years.

“The UK automotive leasing market continues to grow at pace, driven by an increased desire for flexibility from both personal and business customers, with the rise of hybrid and electric vehicles also playing a key role in creating a wealth of new opportunities.”

ThinCats, an alternative finance provider to mid-sized SMEs, provided a significant funding package to enable Newable’s purchase of all outstanding equity in the business, following an initial majority stake which was acquired in 2020.

Ben Kimball, director of business development at ThinCats, said: “It has been fantastic working with Phil, and we are excited to be supporting an ambitious business on a strong upwards trajectory.

“They have remained agile and responsive to changing market demands, which is testament to the quality of the whole team, and we look forward to seeing them continue to go from strength to strength.”

In 2023, Synergy achieved the Feefo Platinum Trusted Service Award for a fourth consecutive year.

Legal support for the transaction was provided by Avril Higginbottom at Clarion and financial due diligence conducted by Martin Athey at Translink Corporate Finance.