SG Fleet, a listed public company since March 2014 and with a presence in Australia, the UK and New Zealand, paid $200 million for the 15-year-old NLC.

NLC, which specialises in private fleet business and has expertise in finance and insurance divisions, will continue to operate with its founder and managing director Matt Reinehr.

SG Fleet’s purchase included $46 million of NLC’s cash, meaning the deal cost the company $154 million. It is funded by SG Fleet’s debt facility, cash and share script.

In its first full year as a listed company, SG Fleet posted a $40.5 million net profit after tax, a rise of 14.5 per cent on the 2014 year. The revenue for 2015 was $171.4 million, up 9.5 per cent.

In announcing the acquisition, SG Fleet’s chief executive Robbie Blau said he expected earnings to continue to increase for 2016.

“NLC is a strong business with diversified revenue streams, a quality, sticky customer book and a highly regarded management team,” Mr Blau said in a statement.

“In the industry, NLC is recognised for its ability to win and retain customers and achieve strong margins and sustainable growth. Those qualities make this both a strategically attractive and a financially compelling deal.

“I am delighted that Matt and his team have decided to remain with the business.”

Like many lease and finance companies, SG Fleet has a complex ownership history.

It was previously owned by the Commonwealth Bank until acquired in 2004 by South African-listed company Super Group.

On acquisition, it was rebranded Fleet Australia and, a year later, bought SMB Salary Packaging. In 2007, it expanded into New Zealand and the UK.

In 2008 it bought National Australia Bank’s Commercial Fleet and the group was then renamed SG Fleet (stylised to sgfleet) and then listed on the Australian Stock Exchange in March 2014 with 54 per cent of capital stock held by Super Group.

It is the second large finance lease company move this year. In October, Canadian firm Element Financial Corporation took over Custom Fleet after buying it from General Electric Capital Corporation (GE Capital).

Custom Fleet was also an asset of the National Australia Bank until it was sold in 2006 to GE Capital.

NLC was started in Melbourne by Mr Reinehr in 1990. It specialises in private customer novated leases with bundled insurance, finance and management.

NLC also has a car advice program that includes sourcing a vehicle for the customer.

Mr Reinehr was not available for comment on the takeover by SG Fleet.

By Neil Dowling