Resimac moves into asset finance
Australian non-bank lender Resimac has moved into the asset finance sector with the acquisition of finance company IA Group.
Monday, December 16th 2019, 9:42AM
Resimac has snapped up a 60% stake in International Acceptance Group, effective January 1.
The deal sees Resimac step into the asset finance space. IA Group is a commercial and consumer lender with a principally funded portfolio of A$50 million.
The acquisition is part of Resimac's "diversification strategy and facilities expansion into new secured asset classes", the company said.
Resimac chief executive Scott McWilliam said: "Our investment in IA Group allows us to fulfil a key part of our growth and diversification strategies. It allows Resimac to gain synergies from our growth and diversification strategies and provides the platform for Resimac to enter the asset finance market."
Resimac has an option to buy the remaining 40% of the business. The non-bank paid A$6 million for its controlling stake.
The non-bank has made a series of strategic changes over the past year. It recently announced it would not offer products funded by third parties, as of January 1.
The deal comes after Resimac has snapped up a 15% stake in Positive Group, a specialist asset finance fintech company, in July.
Positive Group is a tech-driven collection of finance companies offering products for vehicle financing, SME lending, home loans and wealth management.
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