Bell Gully advised Fisher & Paykel Appliances Holdings Limited (FPAH) on
the sale of subsidiary company Fisher & Paykel Finance Holdings Limited
(FPF) to ASX-listed financial services company FlexiGroup for NZ$315
The FPF group is a leading provider of non-bank consumer credit in New
Zealand. It offers consumer and commercial financial products (under the Q Card
and Farmers Finance Card brands) and non-life insurance products.
FPF Group operates in a highly regulated industry as it is funded by the
offer of retail deposits to the public, two securitisation programmes and a
syndicated banking facility. This means a number of regulatory and third-party
approvals are required, including the Reserve Bank of New Zealand's approval to
the change of control of a non-bank deposit taker (NBDT) and licensed
This is the first time the Reserve Bank will consider a change of
control of a NBDT under the Non-Bank Deposit Takers Act 2013.
The transaction is also conditional on the approval of the Overseas
The Bell Gully team was led by Brynn Gilbertson and Murray King.