Firstfolio acquires non-bank lender
FFF completes ‘transformational’ takeover with the acquisition of Calibre
February 2, 2012
Firstfolio has completed its takeover of non-bank lender Calibre, with CEO Mark Forsyth calling the move “transformational” for the company. The acquisition was mooted in July 2011, when Firstfolio said it would acquire the lender for its securitisation platform.
Forsyth said the takeover would allow Firstfolio to enter the non-bank lending sector in earnest.
“The acquisition of Calibre (December 2011) marks a transformational change for Firstfolio, giving us the scale and capability to enter the non-bank lending space, which had been largely vacated in Australia following the global financial crisis,” Forsyth said.
The acquisition will deliver Firstfolio a $400m warehouse funding line through Westpac. Forsyth said Calibre will form part of the company’s newly-formed Firstfolio Capital division.
Meanwhile, The Australian newspaper has published an article about Firstfolio praising the company, which has more than $20bn in loans under management, for its approach to maintaining and managing old and new staff despite all it’s acquisitions.
Firstfoilio has acquired Lawfund, Capital First, LSA, eChoice, Domain, First Chartered Capital, LeaseChoice, Apple Home Loans and Club FS since 2006.
Firstfolio won Best HR Strategic Plan 2011 and is one of the fastest growing Australian stock exchange-listed independent financial services companies.
To see the full story by The Australian, go to www.firstfolio.com.au/news/smoothly-tackling-a-growing-challenge/