Equipment finance broking company Consolidated Operations Group has announced the appointment of Mark Crain as an executive director of the company.
Mark Crain is the director and managing director of plant and equipment finance company QPF Finance Group.
QPF Holdings is a 50 per cent owned subsidiary of Consolidated Operations Group (COG), after it executed a terms sheet to purchase 50 per cent of COG for $1.72 million in April 2017.
The COG contribution to this purchase was around $860,000, and was supported by a cash contribution by existing QPF minorities to purchase new QPF shares to fund the acquisition.
Mr Crain was heavily involved with the merger with COG and took up his new role as executive director at the expanded group on Friday (15 November).
In 2008, he joined QPF Finance Group, which is his family business. During his time in the company, Mr Crain worked with the third-party channel and also assisted with the establishment of the group’s property finance and insurance broking divisions.
He has also previously held roles at NAB and Mercedes-Benz Finance.
Due to his executive capacity within the COG Group, Mr Crain will not be considered an independent director under the Australian Securities Exchange (ASX) Corporate Governance Principals and Recommendations.
Last week, the ASX-listed diversified financials group will acquire all of the issued share capital of non-bank lender CML Group – the parent company of Cashflow Finance – in a merger that values the equity of CML at around $111.4 million.
The merger is subject to court and CML shareholder approval and aims to form a financial services group with a view to service small to medium enterprise businesses in Australia, with expected revenue of around $265 million.
[Related: SME lender acquired by CML group]