Media Release : COG Aggregation acquires NFC and UFS to bolster auto and lifestyle financing offerings

Australia’s largest asset finance aggregator, COG Aggregation has announced the acquisition of the NFC and United Financial Services (UFS) aggregation businesses from McMillan Shakespeare Limited, effective 1 August 2023.

The acquisition will enable the group to fast track the expansion of its auto and lifestyle asset finance segment, which is a rapidly growing area.

“NFC and UFS are a perfect fit for our group, and the acquisition is highly complementary for both businesses,”

says Ryan Young, CEO of COG Broking & Aggregation.

“With the growing demand for car and lifestyle asset finance, the acquisition was a logical next step. It progresses COG Aggregation’s aim to build a complete offering for asset finance brokers and enables us to use our scale to reinvest in the specialist tools and services that our brokers need.”

NFC and UFS represent 182 broker firms nationwide and write approximately $1 billion in volume per annum. “There has been very little competition between the businesses over the years, with each operating as an expert in its own segment,” adds Young.

“It’s business as usual for NFC and UFS brokers and we intend to move quickly to reinvest in the business, replace vacant roles, and to extend COG’s services into the network. Likewise, we intend to take the best features of NFC and make them available to our existing COG Aggregation network.”

In preparation for growing the auto and lifestyle asset finance category and to meet increasing demand, COG Aggregation set up COG Retail, a specialist retail division, earlier this year. The division is headed by Darren Hughes, NFC Aggregation’s former National Sales Manager, who has more than 30 years’ experience in the financial service and auto sector. “Darren’s vast experience in dealership finance, B2B and B2C sales means he is ideal to head up this division and is well placed to assist brokers grow their business with the assistance of the COG support network. We’re thrilled to have him as part of our team,” says Young.

As part of the acquisition, all NFC and UFS staff and systems have been added to the group.

“It’s designed to be a seamless transition, and we’re very excited to add the staff, who are widely regarded as experts in their field, to our team,”

“We believe that supporting them with COG’s scale and unwavering focus on the asset finance market will only enhance their value to their brokers and lenders.”

VFACTS: June 2023

Media Release: COG reports strong growth and record broker volumes in FY23