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HUMM GROUP LIMITED — M&A Activity 2008
Oct 12, 2008
65078_rns_2008-10-12_10d8eb2f-3f6a-4e5f-a94a-9611a145c772.pdf
M&A Activity
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Sydney – 13 October 2008
FlexiGroup completes the acquisition of Certegy Australia
FlexiGroup Limited (“ASX:FXL”) today completed the acquisition of the business of Certegy Australia Limited from Fidelity National Information Services Inc (“NYSE:FIS”).
Adelaide based Certegy Australia is best known for its Certegy Ezi-Pay interest free payment plan products. It is also one of the two major cheque guarantee businesses in Australia and New Zealand.
The acquisition was settled by: $15 million of cash on hand, a $15 million interest only subordinated vendor note (with final maturity extendible to 3 years), and 3 million FlexiGroup shares issued today at market value.
FlexiGroup acquired 100% of the business, including Certegy’s operations in Australia and New Zealand, and selected assets, but excluding the current receivables portfolio.
Two of FlexiGroup’s existing funders will provide funding for Certegy’s future receivables portfolio with two year committed facilities.
John DeLano
Managing Director and CEO
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For further information call
Paul Smith FD Third Person T: 02 8298 6100 M: 0406 018 296 E: [email protected]
About FlexiGroup
FlexiGroup is a leading provider of retail point-of-sale lease and rental finance for IT equipment and electrical appliances such as plasma TVs, audiovisual equipment and whitegoods to small business and individual customers.
FlexiGroup provides a range of lease and other finance products to customers across Australia and New Zealand, marketing its financial products under multiple brands. Brand names include Flexirent, FlexiOwn, EzyWay and Flexiway.
Key to FlexiGroup’s success are the long standing relationships the company has developed with a number of successful retailers. FlexiGroup has a distribution network of approximately 5,600 active retailers and travel agencies with a third party sales force of 13,000. In addition to Harvey Norman and Noel Leeming, FlexiGroup has relationships with other retailers including Apple and A&R Computers.
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John DeLano joined FlexiGroup in September 2003 as Managing Director. Prior to joining FlexiGroup, John was Managing Director of Avis Australia, and also served in a senior role as Travel Services International in the UAS, a publicly-listed company.
The Board of FlexiGroup is chaired by Margaret Jackson (also a Director of Australia and New Zealand Banking Group Limited and Billabong International Limited), and includes John Skippen, recently retired CFO of Harvey Norman Holdings Limited, Rajeev Dhawan, a partner of Equity Partners, and Andrew Abercrombie, a founding director and major shareholder of the company.