ThinkSmart expands with Spanish deal

Computer and office equipment financing company ThinkSmart has signed a three-year distribution agreement with a leading European electrical retailer that will see the company provide its B2B rental finance product in almost 20 locations across Spain.

The deal, signed with Fnac, which is part of the Paris-based PPR group, will see ThinkSmart's products provided through Fnac's 19 stores in Spain, a country with 2.2 million small businesses and a population of 40 million.

ThinkSmart executive chairman and chief executive, Ned Montarello said adding Fnac to its stable of retailers in Spain will see its Spanish operations placed well for growth on recovery of the Spanish market.

"Our focus in Europe has been to expand our relationships with market leading retailers to position our business for future growth, and Fnac's unique retail proposition with a strong, loyal customer base sees strong synergies with the ThinkSmart model," Mr Montarello said.

Full announcement below:

ThinkSmart Limited (ASX:TSM), a leading international computer and office equipment financing company, has positioned its Spanish operations for further growth by signing a distribution agreement with leading retailer Fnac.

The 3 year agreement with Fnac will see ThinkSmart provide its B2B rental finance product through Fnac's 19 stores in Spain, a country with 2.2 million small businesses and a population of 40 million.

Fnac is a leading European electrical retailer and part of the Paris-based PPR group. It has operations in eight European countries including France where it is the leading retailer of PCs.

"Adding Fnac to our stable of retailers in Spain will see our Spanish operations placed well for growth on recovery of the Spanish market," said ThinkSmart's Executive Chairman and CEO, Ned Montarello.

The Fnac agreement bolsters ThinkSmart's Spanish operations, where it already has distribution capability through leading retailers PC City and Phone House, and funding arrangements with Banco Santander and Société Générale. The agreements with Phone House and Société Générale were signed in the past four months.

"Our focus in Europe has been to expand our relationships with market leading retailers to position our business for future growth, and Fnac's unique retail proposition with a strong, loyal customer base sees strong synergies with the ThinkSmart model," Mr Montarello said.

ThinkSmart fills the gap for small business customers between a credit card and bank loan, enabling them to get on-the-spot approval for technology they need via a tax and cash flow friendly operating lease and other benefits.