Press Releases

PEPPER ANNOUNCES CHANGE OF OWNERSHIP - 28 June 2010

Pepper Australia Pty Limited (trading as Pepper Homeloans) (“Pepper”), one of Australia’s leading specialist residential mortgage lenders, has today announced that it has been acquired by Pepper Group (Singapore) Pte Limited (“Pepper Singapore”), a special purpose holding company incorporated in Singapore.

Pepper Singapore, along with Pepper’s senior management team led by Patrick Tuttle (Managing Director & CEO), have acquired 100% of the ordinary issued shares of Pepper Australia Pty Limited (“Pepper”), previously owned by KTP Global Finance S.C.A. (formerly Oakwood Global Finance S.C.A.).

Pepper Singapore is owned by an investor group consisting of institutional and high-net worth investors who have extensive experience in developing, managing and owning businesses across a range of industry sectors, including consumer finance and the global debt capital markets.

The change of ownership will ensure that Pepper remains one of Australia’s leading independent non-bank financial institutions. It will also enable the business to further diversify the range of financial products and services that it currently offers with the support of its existing distribution and wholesale funding partners.


“This change of ownership is a logical next step in Pepper’s development”, said Pepper CEO Patrick Tuttle. “The specialist consumer finance and debt capital markets experience of our senior management team, and the new Pepper Singapore shareholders, will be vital in taking the business to the next level. This means creating a stronger, more diversified non-bank financial institution, with the capability to originate, service and manage a broader range of financial assets”.

Pepper has an enviable track record in the Australian mortgage lending and asset servicing markets, with a resilient business model which has seen it successfully navigate the recent difficulties posed by the Global Financial Crisis (GFC).

“This has made Pepper an attractive investment – despite the difficult economic climate resulting from the GFC”, said Pepper’s founder Michael Culhane. “This acquisition is testament to Pepper’s strong track record in the Australian residential mortgage lending and RMBS markets, and the bench strength of its management team and employees”.

Tuttle added, “This change of ownership will not involve any operational change for Pepper’s customers, business partners and service providers. We will continue to provide innovative lending products to underserved segments of the Australian mortgage market, including self-employed and small business owners, and those high quality borrowers no longer readily able to access credit due to ever tightening lending criteria being imposed by mortgage insurers and authorised deposit-taking institutions (ADIs)”.