Bluestone hails “extra firepower” after US takeover
Bluestone Mortgages Asia Pacific has welcomed “extra firepower” for its return to the New Zealand market, after the division was spun-off and sold to a US private equity firm.
New York investment giant Cerberus has agreed a deal to buy the Asia-Pacific operations of Bluestone. Funds from the deal have been used to finance a management buyout of the wider Bluestone business, including its UK operation. Both entities will keep the Bluestone name following the deal.
Bluestone Asia Pacific chief executive Campbell Smyth insisted the deal would not slow down the non-bank lender’s return to New Zealand. It recently soft-launched in the market, targeting credit impaired and niche customers.
Smyth said there would be no overhaul of its funding model, but said the deal gave the company “extra firepower”: “Broadly it is more of the same, and having a stronger balance sheet will allow us to have larger facilities and write more loans.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)
