Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Firstfolio puts wheels of fifth acquisition in motion

Staff Reporter 1 minute read

By: Jessica Darnbrough

Firstfolio has announced its plans to acquire one of the company’s major wholesale mortgage distribution and financial services partners, Apple Group.

The deal follows the joint venture agreement signed by both companies back in March 2008, which gave Apple the exclusive distributor rights of Firstfolio’s mortgage products and services, including new loan-branded mortgages.

Under the terms of the proposed transaction, Firstfolio will pay $4.25 million to acquire 100 per cent of Apple Group’s assets, including its $600 million loan book.

Firstfolio chief executive officer Mark Forsyth said the financial services group was attracted to Apple’s long term growth strategy.

“Under our ownership and with secure access to a greater scale of wholesale funding, we will look to accelerate Apple’s expansion ambitions across Victoria, Queensland and New South Wales,” he said.

This latest acquisition represents Firstfolio’s fifth company purchase in as many months.

Since December last year, Firstfolio has acquired four other companies including First Chartered Capital, Loan Services Australia, Xplore Capital and Lease Choice.

Firstfolio puts wheels of fifth acquisition in motion
default
TheAdviser logo
default

 

more from the adviser
money au ta Lenders extend cashback offers

Several lenders and their subsidiaries have extended their cashba...

ren wong N1 pivots to become SME lender

Diversified broking and non-bank lending group N1 Holdings has an...

elderly people ta More retirees resuming downsizing plans

Retirees have resumed their plans to downsize due to “feeling m...

FROM THE WEB