Craigs sells half stake to US private equity firm
TA Associates is already an investor in New Zealand with a stake in Fisher Funds (which it is trying to offload), Russell Investments, Betashares and Apex Global.
The deal, which still requires shareholder, court and OIO approval, sees Craigs’ existing employee and director shareholders retain the other half of the company’s ownership. The parties have not disclosed how much TA will pay for the half stake in the New Zealand firm.
Craigs chief executive Simon Tong says the existing team will work closely with TA, which is the ideal partner to help support Craigs’ plans for growth. He says the firm has significant global experience investing in wealth management and a strong understanding of the regional market.
“Craigs and TA are aligned on a client-first philosophy and the importance of a personalised approach to wealth management,” says Tong.
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