Cash Converters International is set to acquire the Cash Converters New Zealand master franchisor for $15.5 million.

The personal finance company and secondhand retailer commenced operations in New Zealand in 1993 and operates 22 stores of which 11 are franchised and 11 are owned and operated by the master franchisor.

In 2014, the company acquired a 25 per cent equity interest in its New Zealand subsidiary and has now entered into an agreement to acquire the remaining 75 per cent interest.

Cash Converters’ MD, Sam Budiselik, said: “We continue to evaluate opportunities to invest our capital in a sensible way, to generate value for our shareholders. This will allow us to fully integrate the Cash Converters brand, stores, and people in New Zealand into our wider corporate operation.”

The company will use its available cash reserves to fund the purchase. The acquisition is expected to be completed later this year.