King & Wood Mallesons (KWM) has acted for leading Australian independent SME financing provider Scottish Pacific Group (ScotPac) in its acquisition of Business Fuel Holdings (Business Fuel) – a provider of online loan applications, automated credit assessments and funding approval within 24 hours, for loans of up to $250,000.
ScotPac is owned by Affinity Equity Partners and is a leading non-bank player in SME finance across Australia and New Zealand. The acquisition will see ScotPac further expand their product range to better service smaller SMEs.
The KWM team was led by M&A Partner Anthony Boogert with support from Solicitor Johnson Pang.
Reflecting on the transaction, Anthony Boogert said: "It was a pleasure to work with the ScotPac and the Affinity team on this strategic acquisition. This is an exciting transaction for ScotPac which will further support its growth in the fintech space.”
ScotPac’s purchase of Business Fuel was completed on 28 February 2022.
