Rental and leasing firm Fraikin Group has been acquired by a consortium - a move that follows the collapse last year of Fraikin's deal to become part of Petit Forestier.

Frakin’s parent company FTI has been purchased by a consortium lead by asset management firm Alcentra and global alternative investment adviser Värde Partners, the company said in a statement.

Following this transaction, the group will be recapitalized, with a significant reduction of its holding debt by approximately €500m (£436m), Frakin said.

Pierre-Louis Colin, CEO of the enlarged group, said: “Fraikin is embarking on a new phase with this agreement to restructure the group's debt and arrange this controlling interest transaction.

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“I am pleased and proud to continue the work that we have been doing for years. We now have all of the necessary ingredients to go forward and propose a bold, long-term strategic plan that harnesses the full potential of the company,” Colin added.

In February of last year the head of Fraikin UK said Petit Forestier’s decision to abandon its plans to buy his leasing firm would not affect the business.

Fraikin UK chief executive Ed Cowell told MT at the time that the French-owned company remained “truly confident,” pointing to the firm’s performance in 2016.