Compass Business Finance is proud to announce the acquisition of Industrial Equipment Finance Ltd (IEF) from directors Steve Ackerman and Rob Tootell, who will be joining the Compass team as part of the transition. The announcement comes during a landmark moment for Compass, as the company celebrates its 20th year in business.
IEF, led by directors Steve Ackerman and Rob Tootell, has built a respected position in the engineering finance sector, offering asset finance solutions, as well as machinery damage and breakdown insurance to UK engineering businesses. Both directors bring decades of experience, deep industry relationships and a strong reputation within the engineering and manufacturing industry.
Mark Nelson, Director at Compass Business Finance, said, “This is an exciting moment for Compass Business Finance, 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 Steve Ackerman and Rob Tootell, the decision to sell IEF reflects their commitment to ensuring the business, its customers, and its suppliers continue to thrive with long term support as part of a stronger, collaborative future.
Steve Ackerman, Director of IEF, commented, “Rob and I have always believed in putting customers first, and Compass Business Finance shares that same belief. 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.”
Rob Tootell, Director of IEF, added, “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.”
With the acquisition, Compass will also introduce machine damage and breakdown insurance to their portfolio of products. IEF has long offered machinery protection solutions alongside finance products, strengthening its role as a trusted partner in the engineering sector, and Compass intend to carry this aspect of the business forward as well.
Steve and Rob will continue working closely with customers and suppliers just as before and joined the Compass team at the recent MACH EXHIBITION, where visitors had the opportunity to meet them alongside familiar Compass faces.
Celebrating its 20th year, Compass Business Finance continues to deepen its commitment to the sheet metal, metal forming and fabrication sectors – combining long-standing relationships, proven expertise, and shared values to deliver stronger outcomes for customers. Together, Compass and IEF are better positioned than ever to support customer investment and growth.
