VF Financial Services has acquired a controlling stake in one of South Africa’s most reputable brokers, van Flymen and Associates. The deal sees VF Financial Services
taking a 62,85% stake in the brokerage, which should contribute meaningfully to Van
Flymen’s BBBEE credentials.
Van Flymen chairman, Tyrone Soondarjee, says the deal will bring renewed energy to the business – which has been in operation for more than 40 years.
“The empowerment deal with VF Financial Services will reposition van Flymen as a leading player in the industry for the development of necessary skills,” he says. “It is truly a milestone deal.”
Founder and CEO, Brian van Flymen, says the investment will boost growth for the company, broadening its service offering, and contribute positively to the industry as a whole.
“The investment by VF Financial Services will broaden our scope in the market, building on our strong history, reputation and technical skills, all of which allow us to provide the best possible advice and service to clients.”
Devan Kerr, MD of Premium Finance Partners, which acted as a key debt funder of the acquisition, says, “This is a landmark deal for the industry and we were excited to be a part of it. Deals such as this require specialist loan funding that is tailored to the insurance market and it was therefore a natural fit for our broker finance offering.
“Calling in a funding partner who specialises in insurance deals helps to ensure that everything goes smoothly from start to finish. Given the track record of the van Flymen business and the strategic intention by the new owners, this was an easy transaction for us to get behind.”
VAN FLYMEN AND ASSOCIATES (PTY) LTD (FSP NO. 8423) is an authorised financial services provider.