Lifetime managing director Peter Cave says the deal helps Lifetime achieve a number of its goals. The group is strong in the regions, but lacked a decent presence in the vital Auckland market.
Also the One50 Group adds accounting and property accounting partnerships, general insurance and business advisory services to the Lifetime advice suite.
"This rounds out the full investment, mortgage, insurance, accounting and business advisory services to become a nationwide one-stop-shop financial advice offering."
Cave says One50 Group is also very good at onboarding clients digitally, while Lifetime takes a more face-to-face approach. It also is good at offering multiple services to clients, something Lifetime has been working towards.
“We have been very impressed with the range and quality of services the team at One50 Group has been able to deliver to clients,” Cave says.
“Philosophically there is a strong alignment to helping clients create greater financial certainty through all life stages, which will further compliment the Lifetime suite of advisory services all under the one national business model."
The deal was funded by bank debt and an equity swap. None of the money Booster's Tahi fund invested in Lifetime as used to fund the deal.
One50 Group managing director Greg Munt and his team will own around 10% of Lifetime once the deal is completed.
Cave will continue as managing director and Munt will join the executive leadership team.
The combined group will operate under the Lifetime brand, staff and offices from both companies will be co-locating over time, with the team of over 170 people coming together in 14 locations around the country.
“Having One50 join the Lifetime family is entirely consistent with the board's vision of promoting long-term sustainable growth for the benefit of all stakeholders. Greg and his team are a natural fit for the Lifetime approach and will add strength to our ability to offer enhanced service level offerings to our clients,” Lifetime chairman David Whyte says.
This is the third acquisition in the last 12 months alone as Lifetime continues to build on its long-term sustainable growth model.
One50 Group chairman Richard Coon said that over the past year the business had completed an extensive strategy review said as it could see a lot of changes that would result in industry consolidation.
"We saw that as a good thing and started to look for a larger group to partner with. Lifetime were a perfect fit with loads of synergy and a very similar culture."
"From the initial introduction to the team at Lifetime we could see the values and goals were in alignment.”
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