London-based Millhouse Inc. has acquired Australia-based Alliance Capital Group, a provider of residential mortgages, construction finance, car finance and business asset finance. Terms of the deal were not released. Millhouse focuses on acquisitions in the funds management, investment management, and asset management sectors.
London based Millhouse, Inc. Plc (FRA:M77) has acquired the Alliance Capital Group. Australia based Alliance Capital services business and consumer finance markets to customers that are having difficulty with mainstream bank financing. These include customers seeking residential mortgages, construction finance, car finance and business asset finance.
A spokesman for Alliance said that the mainstream financiers, especially since the advent of the new Australian credit laws, are making it very difficult to access funds. People who would have been able to raise capital for basic needs are now not able to do so.
The Chairman of Millhouse, Inc. Plc, Mr Richard Walker said that the acquisition will enable his company to build and acquire market share in a part of the private financing market that has significant growth potential. “Since the world recession, access to funding has been incredibly limited and many private and listed financial services businesses are struggling with cashflow problems that are constraining otherwise profitable businesses with potential for sustainable growth.”
Millhouse, Inc. Plc is listed on the Deutsche Borse.
Mr Walker said Millhouse, Inc. Plc believed there were significant consolidation opportunities in the business and consumer asset financing in Australia and New Zealand.
“We are seeking finance sector businesses who wish to be part of the Alliance Capital Group, he said”. He wouldn’t be drawn on whether Alliance itself has plans for stock market listing.
Millhouse, Inc. Plc operates in five key sectors: funds management, private banking and wealth management, private business and consumer debt, energy and infrastructure financing, and private equity.
About Millhouse Inc. Plc:
Millhouse, Inc. PLC is a listed international diversified funds management business with its securities quoted on Deutsche Börse. Its business is to acquire existing businesses in funds management, investment management, and asset management across asset sectors. These acquisitions are conducted at historically low prices and capitalise on the considerable sunk costs invested by previous owners.