Trustee business sold to Australian firm
Complectus has ditched its plans to list its trustee business, instead deciding to sell to an Australian firm.
Thursday, May 18th 2017, 1:30PM
Trustee Partners, the Australian division of Sargon, has agreed to buy Complectus from Andrew Barnes’ business BSC. Complectus is made up of Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.
“This strategic acquisition represents Trustee Partner’s first overseas investment and provides an entry into the New Zealand trustee market,” Trustee Partners Managing Director Phillip Kingston says,
“We’re attracted to New Zealand because of favourable industry and demographic trends, including increasing household wealth and growing demand for intergenerational wealth transfer solutions.”
Barnes said the IPO process, which started last year, resulted in a significant number of approaches from both trade participants and private equity organisations.
“Ultimately the offer from Trustee Partners was too strong to ignore,” he says.
“This is the best outcome for Complectus, and of those who expressed interest in the business, Trustee Partners was most aligned with our vision of accessible and affordable fiduciary services for all New Zealanders. Their desire to leave the existing management and staff in place was also a deciding factor for me, and their capacity for future investment will take the group to the next level.
Complectus chief executive Grant Kemble will remain with the business following the transaction. He says, “The support we enjoy from Trustee Partners means Complectus will continue to operate with our current staff and management team. This acquisition is a natural progression for a thriving 21st century, profitable business that needs to step into a new phase of growth, and the company’s success over recent years will continue with investment from Trustee Partners on an expanded Australasian footing.
“We look forward to expanding a programme of tech innovation to benefit our current and future customers, while maintaining the same high level of service and customer care for which we are known.”
The deal is expected to be finalised in the coming weeks.
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