CI1 completes acquisition of ChapterTwo and appoints Novus Capital to advise on future acquisitions
Credit Intelligence Limited (ASX: CI1) a leading provider of debt restructuring, personal insolvency management and credit funding is pleased to announce that it has now successfully completed the acquisition of a 60% interest in Chapter Two Holdings Pty Ltd, with a completion date of 1 July 2020.
The transaction marks CI1’s first step in building a comprehensive debt management and solutions business in Australia. Headquartered in Sydney, ChapterTwo provides informal debt negotiation and mortgage broking services to individuals in Australia who are experiencing financial hardship, which offer a viable alternative to bankruptcy or Part IX debt agreements that have harsh consequences for individuals. ChapterTwo’s alternative debt solutions are especially relevant during uncertain economic periods when there is increased demand for options to avoid bankruptcy.
CI1’s Chairman Jimmie Wong said, “We are delighted to welcome ChapterTwo and our partner in this company, Managing Director and Founder of ChapterTwo, Chris Mushan, to the Credit Intelligence Group. We look forward to working together closely and supporting ChapterTwo’s successful expansion across Australia by leveraging CI1’s significant experience and resources”.
The company is also pleased to advise that it has appointed Novus Capital Limited as its Corporate and Financial Adviser.
This follows the Company’s previous business announcements with respect to its acquisition strategy and economic hardship caused by Covid-19 which is expected to drive significant business growth for the Company over the coming year.
The appointment specifically mandates Novus to identify and assist in the acquisition of debt management businesses in Australia which have synergies with the Company’s Asia-Pacific expansion strategies.
The Novus team will be led by Mr. Robert Shaw of Novus Corporate Advisory Services, who has significant experience in growing companies in a number of different industry sectors and has through previous roles, a strong knowledge of the sectors which appeal to CI1.
Managing Director, Jimmie Wong said, “We are delighted with the appointment of Novus Capital as our Corporate and Financial Advisors as we are actively looking for acquisition opportunities. We look forward to working with Novus in growing our business in Australia as we ramp up our efforts to implement our acquisition strategies in the Asia Pacific Region”.
