Resimac buys into commercial and consumer lending business
Resimac has taken a controlling stake in IA Group as the business seeks to diversify and expand into areas like secured asset classes.
Consideration for the 60 per cent acquisition was $6 million and Resimac holds an option to acquire the remaining 40 per cent.
IA Group is a Sydney based finance company, participating in both secured commercial and consumer lending.
IA Group was established in 2001 and has its own principally funded portfolio of $50 million.
“Our investment in IA Group allows us to fulfil a key part of our growth and diversification strategies,” Resimac CEO, Scott McWilliam, said.
It allows Resimac to gain synergies from our existing distribution network and provides the platform for Resimac to enter the asset finance market.
“In addition, we are able to leverage our strong securitisation program to support this activity”.
According to IA Group managing director, Mike Cunningham, the deal paves the way for an “exciting opportunity to partner with Resimac”.
“We believe it’s a good cultural fit and access to the Resimac distribution network will provide many benefits for both organisations”.