Livestock finance offering to expand
Australia’s largest specialist livestock finance provider StockCo Australia has been acquired by New Zealand’s Heartland Group Holdings Limited, effective 31 May.
The acquisition presents an exciting opportunity for StockCo Australia to support even more Australian cattle and sheep farmers with 100% livestock finance.
“Heartland’s acquisition of StockCo Australia is extremely positive, providing us the balance sheet, appetite, desire and capital to grow the business through new clients and increased financial support to existing clients,” said StockCo Australia CEO Doug Snell (pictured).
Heartland is a NZX/ASX listed financial services group with operations in Australia and New Zealand and a history stretching back to the Ashburton Permanent Building & Investment Society in 1875.
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The organisation’s strategic vision was to create sustainable growth and differentiation by providing “best or only” products delivered through scalable digital platforms.
Heartland Finance is Heartland’s Australian brand which offers reverse mortgages and small business loans in Australia.
In New Zealand, Heartland Bank provides livestock finance, rural loans, business loans, home loans, car loans, reverse mortgages and savings and deposit options.
Snell said with Heartland’s backing, StockCo Australia was well-positioned to expand further into Australia’s livestock finance market, which was estimated to be worth $7bn AUD ($7.7bn NZD).
“This is an exciting opportunity for StockCo Australia and we’re looking forward to continuing to support the livestock sector across Australia, where we assist our clients to access capital and generate profits for their businesses,” Snell said.
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This acquisition is the latest of big changes for the Heartland Group, as Heartland Bank announced the appointment of Leanne Lazarus as its new CEO effective from August 1.
Lazarus will succeed current CEO Chris Flood, who has been appointed deputy group CEO of Heartland Bank’s parent company, Heartland Group Holdings Limited (Heartland Group).
Whilst Flood steps out of his role as Heartland Bank’s current CEO, his new appointment will include responsibility for the organisation’s organic growth across New Zealand and Australia.
He will apply Heartland Bank’s successful growth model in New Zealand to Australian entities, whilst leading further strategic initiatives across the group.