Commercial finance broker, aggregator and lender Consolidated Operations Group has acquired an 80 per cent interest in finance broker Access Capital, which operates in South Australia and the Northern Territory.
COG said the A$9.2 million deal will complete its plan to have national coverage for its broker and aggregator businesses.
Access founders will keep the other 20 per cent of the business. They have agreed to assist with a management transition over the next 18 months.
COG (through its subsidiary QPF Finance Group) has an option to increase its shareholding in Access to 100 per cent, with a first option exercisable in three years and a second in five years.
COG claims to be Australia’s largest asset finance broker, with a market share around 20 per cent.
It is an acquisitive company. Last month, it bought an additional 19.2 per cent of Westlawn Finance Ltd, taking its stake to 51 per cent.
Last year it launched a bid for finance company CML Group but after being welcomed initially by the CML board its offer was rejected.