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The asset finance business is banking on the broker channel to achieve its growth ambitions as it resets its focus following its purchase of former Westpac subsidiary Vendor Finance.
Angle Finance, a division of Cerberus Capital Management LP, has reaffirmed its commitment to the third-party channel after expanding its business through the acquisition of former Westpac subsidiary Vendor Finance and equipment finance lender Axsesstoday.
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According to Angle Finance CEO Craig Edwards, the executive team’s working knowledge of the Australian asset financing landscape, and Cerberus’ global support, has positioned the business to achieve “significant” broker-driven growth.
“It’s an exciting opportunity to build a business that fills a gap in the asset finance market – we have the agility and ability to help small-business customers realise their dreams,” Mr Edwards said.
“We put the broker at the heart of everything we do, looking at everything from their perspective and from every angle.”
Mr Edwards added that Angle Finance would focus on ensuring brokers feel “valued”.
“We look to offer brokers access to key decision makers, and collaboration through broker councils, focus groups and workshops to provide a value proposition that solves their most pressing needs,” he said.
Angle Finance’s sales director, Brett Jocumsen, said the group offers a unique commercial and equipment finance proposition to the third-party channel.
“We’re entirely focused on servicing our key customers – our broker partners. We will provide brokers with the transparency, technology and first-class service needed to deliver custom finance solutions seamlessly,” Mr Jocumsen said.
Mr Edwards also lauded the benefits of Angle Finance’s acquisition of Vendor Finance, with the group set to add approximately $500 million of customer loans to its portfolio.
“This is a great opportunity to expand our ability to help Australian businesses, and we are thrilled to welcome our new team members to Angle Finance,” Mr Edwards said.
“Together, we will be able to evolve and offer a diversified portfolio of lending solutions, supported by innovative technology and high-quality service.”
David McWilliam, head of Cerberus Australia, added: “Since our initial acquisition, Angle Finance and its management team have made great strides in strengthening the business.
“The combined company will be well positioned to build on this momentum and capture opportunities to support its long-term growth.”
The acquisition is expected to be completed in the first half of 2021.
[Related: Commercial brokerage acquires asset finance broker]
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