Wragge Lawrence Graham & Co has advised the owners of Kennet Equipment Leasing Limited on its sale to a new fund raised by leading European fund manager, STAR Capital Partners.

Kennet Equipment Leasing, one of the UK's leading equipment finance brokers to small and medium-sized enterprises, was acquired via STAR Finance Partnership vehicle - a fund established for the purpose and to consolidate the asset finance broker market.

Head of enterprise, Andrew Lawton Smith, led the Wragge Lawrence Graham & Co team comprising directors Jonathan Segal (regulatory and finance) and Chris Towle (corporate).

This is the international law firm's first major instruction on behalf of Kennet Equipment Leasing. The team worked alongside KPMG Corporate Finance in Birmingham, led by Stephen Craik and Khush Purewal.

Kennet Equipment Leasing will continue to be run by its management team, led by Chairman Steve Swift and managing director Tim Tainty, and is on the lookout for acquisitions.

Andrew Lawton Smith said: "This was a fascinating deal and the first time we've had the pleasure of working with Steve and his team.

"The successful completion of this deal is the first stage in an exciting journey for STAR and the Kennet team, as it is the platform for further deals and consolidation in the sector. The team has already built a superb business in a very attractive market and we're looking forward to supporting them further in the future."

Steve Swift said: "Andrew and the team provided more than just legal advice. We found them to be a great team to work with; practical and expert and also down to earth and very commercial.

"This was not the type of deal we've experienced before and Andy took the time to walk the whole team through every part of the transaction, helping us to understand its relevance to us in a wider context. He took every opportunity to get a strong deal for us. We're already looking forward to working with them again on future opportunities."