Compass makes strategic acquisition

21/04/2026

Compass Business Finance has today announced 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 twentieth 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. Not only are we celebrating our twentieth 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.”

Steve Ackerman, Director of IEF, commented, “Rob and I have always believed in putting customers first, and Compass shares that same belief. We’ve known the Compass team for most of our professional lives, and the cultural alignment is clear.”

With this 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 will be joining the Compass team on Stand 6-44 at MACH, where visitors will have the opportunity to meet them alongside familiar Compass faces.

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