Bell Gully advised Fisher & Paykel Appliance Holdings on sale of Fisher & Paykel Finance

Wednesday 18 November 2015

​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 million.

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 insurer.

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 Investment Office.

The Bell Gully team was led by Brynn Gilbertson and Murray King.

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