LeaseChoice folds into FirstFolio
FirstFolio Ltd continues to roll up niche financial intermediaries, and yesterday announced the acquisition of select assets (but not the whole business) of LeaseChoice, a funder of equipment leases to business.In a statement to the ASX, FirstFolio said it would add up to $750,000 to the firm's EBITDA over the first 12 months.FirstFolio is buying the LeaseChoice business name and related intellectual property. It will hire the origination team and said it will also have access to the same wholesale funding arrangements as LeaseChoice.It is not buying the back book, the earnings of which will accrue to its present earners. LeaseChoice founder Kirk Tsihlis "will maintain a close relationship with the business" according to the statement.