A big portion of that is thanks to a deal with Macquarie, one of the big incumbents in Australia’s dealer finance market.
Allied Credit agreed a deal in September to acquire Macquarie’s dealer loan book, worth $670 million, and also offer auto loans to those dealers’ customers. The Macquarie deal is said to be nearing completion.
Allied Credit boss Jon Moodie, a long-time former managing director at Macquarie Leasing Pty Ltd, said in a statement to Street Talk: “We are delighted to have investors of this calibre backing Allied Credit’s growth pathway. The experience and resources sitting behind both Bain and Alceon will be invaluable in assisting with the successful execution of our expansion strategy in the Australian automotive and leisure asset markets.”
Jon Moodie, Allied Credit managing director. Supplied
Bain Capital Credit’s other Australian investments include stakes in Judo Bank, Webjet, and Virgin Australia.
Bain Capital Credit’s Josh Hartz joined Allied Credit’s board on November 24, according to documents filed with the corporate regulator. Other directors include founder Richard Harding, Barrenjoey Capital’s Guy Fowler, Alceon’s Phil Green and Sturt Capital’s Justin Lewis.
Sturt Capital is Allied Credit’s biggest investor. Other shareholders include Barrenjoey (and ex-UBS) bankers Matthew Grounds, Fowler and Matthew Hanning, ex-Citi and UBS banker turned PointsBet chairman Brett Paton, Quadrant Private Equity chairman Chris Hadley, RARE Infrastructure co-founder and ex-ABN Amro banker Richard Elmslie and Eagers Automotive doyen Nick Politis
Interestingly, Allied Credit’s Macquarie deal mirrored rival Angle Finance’s purchase of another big incumbent, Westpac’s wholesale dealer loans unit, in June. Angle Finance is backed by US investment firm, Cerberus Capital.
