Steadfast buys trade credit insurance brokerage

Company News

Steadfast Group Limited’s (ASX:SDF) wholly owned subsidiary National Credit Insurance Brokers has bought a specialist boutique trade credit insurance brokerage called IMC Trade Credit Solutions Pty Ltd. 
The independent insurance broker has not revealed the purchase price but says IMC has forecast EBITDA of $800,000 for the current financial year. 
Steadfast advises IMC was established in 2008 and has been a member of the Steadfast Network since July 2013 while National Credit Insurance Brokers was acquired by Steadfast in August 2013. 
Managing Director & CEO Robert Kelly says both IMC and National Credit Insurance Brokers specialise in credit insurance and credit risk management where cross selling opportunities are identified within the Steadfast Network. 
Steadfast Group reported a net profit of $9.7 million in the first half of the 2014 financial year.