Macquarie Bank, an Australian based investment bank, acquired the entire share capital of Fundcorp, a consumer finance company that originates loans from AUS $2,000 - $50,000, operating in Australia and New Zealand.
In July 2004, AIL, a privately owned investment holding company in New Zealand, invested in Fundcorp Holdings Pty Ltd (“Fundcorp”) with the objective of generating returns to its shareholders. In the last twelve months Fundcorp has grown successfully and entered the home-improvement, dental and elective surgery and consumer durables and general high-ticket retail items markets.
This transaction was a cash offer to the convertible preference and ordinary shareholders with a series of cash and earn-outs combined lock-ins for key management.
Fundcorp will now operate as a wholly owned subsidiary of Macquarie Bank.
John Allen, the Chairman of ARC Associates comments “This transaction shows the importance of good quality management in setting up new operations. This team is first rate and attracted a premium acquirer within twelve months of establishing the business.”
ARC Associates ("ARC"), a specialist investment banking and advisory firm to the TMT, financial services and property sectors, acted as a financial advisor to certain shareholders of Fundcorp.