Non-bank lender Firstmac is for sale, with Goldman Sachs looking for a strategic investor or a buyer to snap up the whole company, according to the Australian Financial Review. Firstmac is owned by Brisbane businessman Kim Cannon and has about $8 billion in mortgages under management.
Goldman has turned its attention to potential buyers such as banks, private equity firms and offshore strategic players to generate interest before a two-part auction takes place. According to the AFR, Firstmac could be worth up to $500 million and hits about $20 million in annual profits.
Cannon is considering selling a 30% to 40% stake in the business or the whole company and has reportedly been approached over the years by interested parties, including the big banks.
