An independent broker in Birmingham has been acquired by London-based asset finance firm Maxxia UK.

Capex Asset Finance has now joined the group of companies owned by McMillan Shakespeare which is listed in Australia.

Capex has been trading since 2004 and is a specialist in the provision of a broad range of capital financing products for businesses of all sizes and types.

It was founded by the existing directors - Julian Percival, Alan Hunt and Warren Badger - who will remain with the company following the undisclosed buyout.

The deal forms part of McMillan Shakespeare's growth plans in the UK and follows the acquisition of three other firms over the past few years.

Mr Percival said: "We are delighted to be joining the Maxxia group of companies at this stage in the development of our business, which is now well established in the asset finance arena.

"The Maxxia Group has scale and resource, together with access to a breadth and depth of funders and financial products, that will allow us to strengthen our offering in a number of key areas.

"This is great news for our customers and creates significant growth opportunities for our business."

Roger Skinner, chief executive of Maxxia, added: "Capex is a perfect fit with our business and continues our targeted growth plans in the asset finance sector, as well as improving our geographical coverage of the UK.

"The Capex directors have extensive and detailed knowledge of the asset finance market and will bring significant attributes to the Maxxia Group, as well as contributing substantially to our position as a trusted partner for asset financing.

"The acquisition will involve minimal disruption to the Capex business as all three directors will continue to work in and manage the business so that, from a customer viewpoint, it will be very much business as usual."