Compass marks 20th anniversary with acquisition of IEF

Compass Business Finance has announced the acquisition of Industrial Equipment Finance Ltd (IEF) from its directors, Steve Ackerman and Rob Tootell, in a move that strengthens its position within the engineering finance sector. The deal comes at a significant milestone for Compass, as the company celebrates its 20th year in business.

As part of the transition, Ackerman and Tootell will join the Compass team, bringing with them decades of experience, well-established industry relationships, and a strong reputation across the UK engineering and manufacturing sectors.

IEF has built a respected niche providing asset finance solutions alongside machinery damage and breakdown insurance for engineering businesses. The integration of these services into Compass’s offering is expected to enhance its ability to support customers with more comprehensive financial and risk management solutions.

Mark Nelson, Director at Compass Business Finance, described the acquisition as a pivotal moment for the company.

“This is an exciting moment for Compass, not only are we celebrating our 20th year, but we are taking important strides forward in supporting the engineering sector. We’ve known and respected Steve and Rob for decades. Their technical understanding, integrity and commitment to doing what’s right for customers perfectly align with our values. Bringing both Steve and Rob, along with the IEF business into Compass elevates our engineering offering and strengthens the support we can provide to customers and suppliers across the sector.”

For Ackerman and Tootell, the decision to sell IEF was driven by a desire to ensure continued long-term support for their customers and partners.

“Rob and I have always believed in putting customers first, and Compass shares that same belief,” said Ackerman. “We’ve known the Compass team for most of our professional lives, and the cultural alignment is clear. As we look ahead to the next chapter, we wanted to ensure our customers would continue to receive the same care, commitment and technical expertise.”

Tootell added that the move delivers clear benefits for customers, combining continuity with enhanced resources.

“This move brings genuine value for our customers. Compass has shown real commitment to the engineering sector, and we’ve watched them grow steadily and responsibly over the years. Joining forces now, at a time when their momentum in engineering finance is stronger than ever, gives our customers both the, continuity from us and then the expanded resources from Compass.”

The acquisition will also see Compass introduce machinery damage and breakdown insurance into its portfolio, an area where IEF has long provided value to its clients. Compass has confirmed its intention to continue and develop this aspect of the business.