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Staff Reporter
Pepper Home Loans Group has acquired yet another mortgage business.
Late Friday the non-bank lender announced that it has reached agreement with GE Capital to acquire its Irish residential mortgage business, GE Capital Woodchester Home Loans Limited.
The deal will see Pepper acquire all of the business’ share capital. Following completion of the sale, the company will be renamed Pepper Ireland Limited.
Under a separate agreement, Pepper will take over the servicing of GE Capital’s Irish portfolio of personal, small enterprise and auto loans, maintaining a working relationship between the two organisations.
Pepper’s executive chairman, Mike Culhane, said the deal puts the company in a good position to make further acquisitions.
“We’re delighted to have this opportunity to acquire the Irish mortgage business of GE Capital,” Mr Culhane said. “This acquisition provides Pepper with a strong platform for future acquisitions and third-party servicing opportunities in both Ireland and across Europe.”
Pepper’s CEO, Patrick Tuttle, added that the lender had been on the hunt for quite some time.
“We have been looking for opportunities to expand our successful business model from Australia and New Zealand into Europe, and see Ireland as an ideal base,” Mr Tuttle said.
“In the medium term, market conditions permitting, we will also consider originating new mortgage business in Ireland, thereby helping to rebuild a competitive marketplace and broaden the choice of home lending options for Irish consumers.”
Following completion of the sale of GE Capital Woodchester Home Loans Limited, most of the company’s 192 employees will transfer to Pepper where they will continue to service existing mortgages and other consumers.
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