COG Financial Services continues to cement its position as Australia’s largest equipment finance broker, announcing that it will pay around A$15 million to acquire the 30 per cent of broker PCG that it does not already own.

It is also building its presence in the lending market, committing $9.3 million to acquire 24 per cent of near-prime commercial and consumer lender Westlawn, taking its holding to 75 per cent.

COG said in a statement yesterday that it planned to acquire the remaining 25 per cent of Westlawn over the next three to five years.

COG claims an 18 per cent share of the equipment finance broking market. Its growth has been driven by an aggressive acquisition strategy that shows no sign of slowing.

Most recently, it acquired an 80 per cent interest in Access Capital, an asset finance broker in South Australia and the Northern Territory.

The number of brokers using its aggregation service grew from 2791 in 2020 to more than 3000 now.

The value of financing grew 14 per cent to $5.2 billion in 2020/21. The Westlawn loan book was worth $187 million at June 30.

COG said Westlawn and PCG have been performing well and increased ownership would enhance its business model. “Upon completion, the acquisitions will enable synergies to be realised,” it said.

It will raise around $20 million of equity capital to pay for the investments.