The asset finance division of the non-bank lender is acquiring a stake in Sonder Equipment Finance in a bid to boost its broker distribution network.
Resimac Asset Finance, a division of non-bank lender Resimac Group, has announced that it is acquiring a 15 per cent stake in equipment finance business Sonder Equipment Finance (Sonder).
Sonder was established in 2019 and is backed by Singaporean intermediate debt and equity investment company 23 Degrees Partners.
It solely operates through the broker channel.
The transaction is expected to finalise ‘in the next few weeks’ and marks the first step in Resimac Asset Finance’s journey to fully acquire the Sydney-based finance company in the next three to five years.
Sonder will offer both Resimac-branded and Sonder-branded equipment finance products to broker partners.
Speaking of the move, Michael Moloney, general manager of Resimac Asset Finance, commented: “This transaction is another step in solidifying our presence in the SME equipment finance market and reinforces our commitment to the broker distribution model.
He added that Sonder’s commercial broker distribution network would provide “a natural complement” to Resimac Asset Finance’s existing business.
“We are committed to providing comprehensive and improved services to brokers that will ultimately enable their customers to achieve their business goals,” Mr Moloney said.
Sonder Equipment Finance principal and sales director Danny Tuttlebee added: “Partnering with Resimac Asset Finance provides us with the critical mass to expand the breadth of our product suite to our existing broker network and also allow us to offer it to more brokers.”
The addition of Sonder Equipment Finance marks the latest build in the Resimac Asset Finance brand, which launched earlier this year following Resimac’s acquisition of International Acceptance Group (IA Group).
The division of ASX-listed Resimac Group Ltd recently joined the lender panel of asset finance aggregation platform Nodifi.
[Related: Non-bank moves to fully acquire IA Group]