S Canterbury Finance and Kelt Capital join forces

Media release
2 May 2007

South Canterbury Finance and Kelt Capital join forces

Timaru-based South Canterbury Finance (SCF) has joined forces with Hawke’s Bay’s Kelt Capital to form a 50/50 joint venture called Kelt Finance, which will specialise in the financing of mergers and acquisitions as well as business and property lending.

This follows the recent establishment of SCF subsidiary Wellington Finance and expands the SCF Group to 11 finance companies.

Kelt Finance will manage lending principally in the Hawke’s Bay, a role that was previously managed out of the Palmerston North office of South Canterbury Finance.

SCF Chief Executive, Lachie McLeod, says working in partnership with Kelt Capital Principal, Sam Kelt, opens opportunities to expand the Group into the East Coast. “Kelt Capital is well-regarded. Sam’s reputation and contacts within the Hawke’s Bay will give the new company a head start.”

Mr Kelt has over 20 years of experience in the finance industry. His company has a high profile from sponsoring a range of sporting and community activities that includes the Kelt Capital Magpies, Kelt Capital Hockey Academy, the Kelt Capital Horse of the Year Show and the $2 million Kelt Capital Stakes.

Mr Kelt says SCF brings real strength and ability in business and property funding. “Both companies have worked together closely for a number of years and South Canterbury Finance has funded a number of proposals for Kelt Capital clients,” he says.

Kelt Finance will open to the public in July.

ENDS

Note to Editors: South Canterbury Finance is one of New Zealand’s largest finance companies, operating in 11 regions through regionally-named subsidiary companies throughout the country. It funds its lending activities through secured debentures and unsecured deposits from more than 30,000 investors and through more than 500 financial advisory firms.

It was founded in 1926 and, apart from two years during the 1930s, has always been profitable. It has $1.5 billion in assets, $200 million in equity and is on track to achieve profits of $45 million this financial year. International ratings agency Standard & Poor’s recently assigned an investment grade rating of BBB- to South Canterbury Finance, the highest rating achieved by any non-bank owned finance company in New Zealand.

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