Hanover Group Buys Australasian Finance Company
New Zealand's largest privately owned finance company Hanover Group today announced the acquisition of Australasian-based finance specialists FAI Finance Corporation (NZ) Limited and FAI Finance Corporation Pty Limited.
FAI is a transtasman operation offering personal loans and consumer finance for retailers. Most of the company's 40 Australian staff are based in Sydney. An additional 18 are employed in New Zealand.
The operation in Australia has been renamed AUSTRALIAN FINANCE DIRECT. In New Zealand it will continue to be known as FAI Finance.
Hanover Group CEO Kerry Finnigan says FAI Finance offers outstanding potential for growth in the consumer finance market.
"Hanover Group has high expectations for FAI Finance," he says. "We have plans to grow the business by 30% - 40% annually, over the next three years. FAI Finance will certainly benefit from Hanover Group's considerable management experience and success in the finance arena".
FAI FINANCE IN New Zealand
FAI was established in New Zealand in 1995. The company provides finance to companies in various industries including whiteware, furniture and home computers.
FAI's New Zealand business has already achieved excellent growth.
Hanover Group is the investment vehicle of Mark Hotchin and Cullen Investments. The company was launched in November last year and has more than 600 employees and assets worth over $750 million.
The group includes finance companies Elders Finance, Nationwide Finance, Leasing Solutions, Elders Home Loans, Hanover Securities, NZ Home Bonds and strategic investments Cogent Communications and U-Bix.