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BFCSA: Ho Ho Ho - Firstmac up for sale in $500 million auction

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Firstmac up for sale in $500 million auction

Non-bank lender Firstmac will be put under the hammer with Goldman Sachs hired to find a strategic investor or buyer for the company, it has been revealed.

According to a report in theAustralian Financial Review (AFR), managing director and owner, Kim Cannon, is willing to consider selling a 30% to 40% stake in the business, or even the whole company.

Goldman has approached potential buyers including banks, private equity firms and offshore strategic players the AFR has reported, ahead of a two-part auction.

The non-bank lender has about $8 billion in mortgages under management and makes about $20 million in annual profit. The AFR estimates the business could be worth up to $500 million.

According to reports, Cannon has been approached several times about selling Firstmac, which includes online lender, including interest from big Australian banks. 

Buyers expect Firstmac's auction to be up and running within a fortnight, the AFR has reported. First-round bids are due in the second half of July.


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Guest Thursday, 02 April 2020