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Trustee company turns to private equity

Private equity company Direct Capital takes a stake in Complectus, which owns Perpetual Guardian and other trustee firms.

Friday, September 1st 2017, 6:01AM

The deal comes after Australian company Trustee Partners failed to settle on the $200 million purchase of Complectus earlier this year.

Complectus had previously been eyeing an IPO on the NZ sharemarket.

Complectus’s parent company, BSC Limited, has entered into a re-financing agreement and long-term partnership with Direct Capital.

Direct Capital will have an option to convert a loan for 50% of the shares in Complectus at a point in the future.

“The partnership positions the company for growth and expansion in a sector that is adapting to rapid change in the management of trusts and estates for families, and increasing compliance and fiduciary supervision in the corporate trust sector.”

BSC, which is controlled by Andrew Barnes, was attracted to Direct Capital as it has a long-term partnership horizon and an investor base that includes pension and endowment funds, and community and charitable trusts, providing a strong cultural fit.

Complectus is made up of Perpetual Guardian, Guardian Trust, Covenant and New Zealand Trustee Services.

Direct Capital has been around since 1994 and has investments in well-known companies including Ryman Healthcare, NZ King Salmon, Hiway, Scales Corporation, Bayleys and Fishpond.

It has raised more than $1 billion in private equity funding since it was founded and its latest offering attracted investments from organisations including the NZ Superannuation Fund and the Accident Compensation Commission fund.

It invests in the New Zealand and Australian mid-market private company sector in expansion, succession and pre-IPO situations.

Tags: ACC Andrew Barnes complectus compliance equities Guardian Trust investment IPO NZ Super Fund Perpetual Guardian Trustee Partners

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