SYDNEY: COG Financial Services Ltd. (ASX: COG) has agreed to acquire EasiFleet Pty Ltd, a salary packaging and novated leasing provider, for $40 million through its subsidiary Paywise Pty Ltd. The deal values EasiFleet at six times its FY25 EBITDA on a post-synergies basis.
The acquisition strengthens COG’s national footprint, adding government contracts across Western Australia, Northern Territory, Tasmania, Queensland and the Australian Capital Territory. The company said it is now well-positioned to compete for upcoming tenders in New South Wales and Victoria.
“This acquisition reflects our strategy to build a diversified, national salary packaging business,” said COG CEO Andrew Bennett. “We now serve a significant portion of the Australian public sector workforce.”
The transaction is expected to close by Sept. 20, with an effective date of Sept. 1. Deferred payments of up to $4.6 million may be made between June 2027 and June 2029, contingent on the extension of fringe benefits tax exemptions for electric vehicles.
COG will fund the purchase using approximately $37 million from cash reserves and debt facilities, with the remainder contributed by minority shareholders.
The deal was authorized by COG Chair Tony Robinson.