Aust firm buys half of Strategic
Australian investment bank Allco Finance Group is buying a 50% stake in Strategic Investment Group for an undisclosed sum.
Tuesday, March 21st 2006, 6:55AM
Allco is an Australian investment bank specialising in asset based financing in sectors including aviation, shipping, rail, financial services and property. Allco currently manages assets valued in excess of A$A7.6 billion, housed within a number of listed and unlisted funds.
The deal means that Strategic can grow and diversify its business in Australia and New Zealand.
Allco chairman David Coe said the investment was made because it recognised the inherent quality and value in the New Zealand company, as well as the potential for growth into the New Zealand market.
“The investment will see Allco’s expertise in asset based financing and funds management adding to Strategic Finance’s already profitable business,” he said.
Coe said the rationale behind the co-ownership was to jointly diversify the funding base and develop additional investment opportunities. This is expected to enhance balance sheet efficiency and increase overall earnings.
The deal gives Strategic Finance the opportunity to participate in structured finance lending and in new areas such as funds management and into other sectors where Allco is a leader.
Strategic says it is business as usual for the company. “An important fact is that the remaining 50% shareholding will continue to be held by the existing Strategic shareholders, most of whom are executives. The arrival of Allco will, however, bring tangible benefits to the table,” chief executive Kerry Finnigan says.
| « Deposit rate news briefs | Deposit rate news briefs » |
Special Offers
Commenting is closed
|
|
Printable version |
|
Email to a friend |
