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Victorian-based brokerage Entourage Finance has continued its merger and acquisition moves by purchasing another broking business.
Mortgage brokerage and property advisory group Entourage Finance has acquired Hawthorn-based mortgage brokerage Clover Financial, headed up by Phoebe Blamey.
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The move brings Clover Financial under the Entourage Finance brand, with Blamey helping support Entourage during the handover before pursuing a career outside of the industry.
Blamey said the move would provide a broader lender offering to the Clover Financial clients and a greater range of services given Entourage’s property advisory, asset finance, and legal offerings.
The Clover Financial director said: “Joining forces with Entourage is an exciting step forward for our finance business, clients, and team.
“After 17 years in the industry, I’m thrilled to have found a like-minded professional who shares our passion for delivering outstanding results to clients. I’m confident that our combined expertise and resources will take our services to the next level, and we can’t wait to start this new chapter together.”
Entourage director Damien Roylance said: “We both wanted the same out of the merge and that was, it had to be the right fit culturally for the Clover Financial team and most importantly a smooth and seamless transition for Phoebe’s existing and new finance clients.”
Consolidation the new trend in broking
The merger marks the third purchase that Entourage has undertaken in the past 18 months, after it acquired Logical Choice Finance in December 2023, Odyssey Financial (in which all of the existing staff, including the previous owner Nicholas Dom and the brokers and administration team moved to the Entourage brand), and building on from Entourage’s acquisition of Marshall Condon’s brokerage Neue Black Finance in 2019.
It continues a growing trend of consolidation in the mortgage broking industry, as the industry sees the first movers of the 35-year-old broking industry retire; ongoing costs and compliance burdens placing strains on smaller operations; and as more borrowers seek the services of brokers.
Other notable mergers that have taken recently include the merger of Chris Bates and Christian Stevens’ broking business to form Flint, UFinancial’s acquisition of Court Financial Services (CFS), and the move by Smartmove Professional Mortgage Advisors to become part of Viridian Financial Group Limited.
Similarly, Victorian-headquartered financial services group Empower Wealth has been looking at a range of mergers and acquisitions and, earlier this year, appointed Sam Boer as its new business development director to lead its new mergers and acquisitions (M&A) function.
[Related: Entourage snaps up third brokerage]
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