The two businesses represent 182 broker firms nationwide
Australia’s largest asset finance aggregator has bolstered its auto and lifestyle financing offerings with strategic acquisitions.
COG Aggregation has acquired the NFC and United Financial Services (UFS) aggregation businesses from McMillan Shakespeare, in a move that will enable the group to fast track the expansion of its auto and lifestyle asset finance segment, which is a rapidly growing area.
“NFC and UFS are a perfect fit for our group, and the acquisition is highly complementary for both businesses,” said Ryan Young (pictured above), CEO of COG broking and aggregation.
“With the growing demand for car and lifestyle asset finance, the acquisition was a logical next step. It progresses COG Aggregation’s aim to build a complete offering for asset finance brokers and enables us to use our scale to reinvest in the specialist tools and services that our brokers need.”
NFC and UFS represent 182 broker firms nationwide and write roughly $1 billion in volume per annum, “with each operating as an expert in its own segment.”
“It’s business as usual for NFC and UFS brokers and we intend to move quickly to reinvest in the business, replace vacant roles, and to extend COG’s services into the network,” Young said. “Likewise, we intend to take the best features of NFC and make them available to our existing COG Aggregation network.”
Earlier this year, COG Aggregation established a specialist retail division, COG Retail, in preparation for growing the auto and lifestyle asset finance category. The division is led by Darren Hughes,
NFC Aggregation’s former national sales manager, who brings to his new role more than three decades of experience in the financial service and auto sector.
Hughes’ “vast experience in dealership finance, B2B and B2C sales means he is ideal to head up this division and is well placed to assist brokers grow their business with the assistance of the COG support network. We’re thrilled to have him as part of our team,” Young said.
All NFC and UFS staff and systems have been added to COG Aggregation as part of the acquisition.
“It’s designed to be a seamless transition, and we’re very excited to add the staff, who are widely regarded as experts in their field, to our team,” Young said. “We believe that supporting them with COG’s scale and unwavering focus on the asset finance market will only enhance their value to their brokers and lenders.”
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