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A Brisbane-based broker group has purchased a majority shareholding in Perth-based finance brokerage Allied Finance (WA).
QPF Finance Group said the acquisition was made on 1 September this year.
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QPF Finance director Andrew Crain said the purchase is an exciting step for QPF Finance Group and their first significant move towards becoming a truly national brokerage business.
“The acquisition of Allied Finance brings QPF’s equipment finance volume to approximately $350 million per annum, placing the group in the top three largest equipment finance brokers in the country,” Mr Crain said.
“This acquisition is a deliberate move to broaden our geographical spread of SME clients and ultimately we want to have a national distribution model offering both equipment and property finance.”
Established in 1977, QPF is a family-owned and operated brokerage firm providing a range of equipment and property finance options for businesses.
Allied Finance is a 44-year-old equipment and mortgage finance brokerage business based in Perth.
Allied Finance Director Mark Caddy will continue on as the managing director of the business and says he is pleased to align with QPF and to share the best industry practices of both businesses.
“Allied has a very strong footprint in Perth and a very similar business model to QPF,” Mr Caddy said.
“I believe there will be some economies of scale as well as the opportunity to capitalise on some national vendor and marketing programs.”
[Related: Aggregators seek to highlight commercial lending prospects]
