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Cerberus to Acquire Westpac’s Vendor Finance Business

August 21, 2020, 07:12 AM
Filed Under: Mergers & Acquisitions

New York City-based Cerberus Capital Management, L.P. announced that one of its affiliates has entered into an agreement to acquire the Strategic Alliances (Vendor Finance) business of Westpac Group. Upon completion of the transaction, the business will be combined with Angle Finance, a recognized provider of equipment finance solutions in Australia and a Cerberus portfolio company.

Strategic Alliances (Vendor Finance) is part of Westpac’s Equipment Finance business. The transaction is expected to result in the transfer of around $359 million of customer loans. It provides financing for small-ticket business equipment, including telecommunications, office equipment and commercial vehicles. The combination of Strategic Alliances (Vendor Finance) and Angle Finance will create a leading equipment financing company with diversified financing solutions and best-in-class service for Australian businesses.

“This combination 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,” said Craig Edwards, Chief Executive Officer of Angle Finance. “Together, we will be able to offer a diversified portfolio of lending solutions, supported by innovative technology and high-quality service. We look forward to continuing to execute on strategic initiatives, in partnership with Cerberus, to deliver a compelling equipment finance proposition and become the non-bank lender of choice to small and medium-sized business in Australia.”

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.”

Cerberus acquired Angle Finance in September 2019, which represented the firm’s second acquisition in the region. In 2018, Cerberus acquired Bluestone Mortgages, a leading specialist mortgage lending and servicing business with operations in Australia, New Zealand, and the Philippines.

Lee Millstein, President of Cerberus Global Investments, commented, “We continue to see strong opportunities in Australia and look forward to providing solutions to companies that can benefit from our integrated financial and operational expertise.”

The acquisition is expected to be complete in the first half of 2021.

Founded in 1992, Cerberus is a global leader in alternative investing with approximately $45 billion in assets across complementary credit, private equity and real estate platforms.

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