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ISCOVER
By: Jessica Darnbrough
Firstfolio has announced its plans to acquire one of the company’s major wholesale mortgage distribution and financial services partners, Apple Group.
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The deal follows the joint venture agreement signed by both companies back in March 2008, which gave Apple the exclusive distributor rights of Firstfolio’s mortgage products and services, including new loan-branded mortgages.
Under the terms of the proposed transaction, Firstfolio will pay $4.25 million to acquire 100 per cent of Apple Group’s assets, including its $600 million loan book.
Firstfolio chief executive officer Mark Forsyth said the financial services group was attracted to Apple’s long term growth strategy.
“Under our ownership and with secure access to a greater scale of wholesale funding, we will look to accelerate Apple’s expansion ambitions across Victoria, Queensland and New South Wales,” he said.
This latest acquisition represents Firstfolio’s fifth company purchase in as many months.
Since December last year, Firstfolio has acquired four other companies including First Chartered Capital, Loan Services Australia, Xplore Capital and Lease Choice.
