Sale of trustee business Complectus falls
The sale of trustee business Complectus, which includes Perpetual Guardian, has fallen over as the Australian buyer hasn't met the settlement date.
Thursday, June 22nd 2017, 11:00AM
Andrew Barnes, director of Bath Street Capital
Complectus says, in a statement, that purchaser Sargon Capital did not complete settlement on May 31. Consequently the business remains under the indirect ownership of Andrew Barnes's Bath Street Capital (BSC).
"Sargon Capital, co-founded by Phillip Kingston and Aron D’Souza, did not meet its obligations under the sale and purchase agreement, while BSC Limited complied with all its obligations," the statement says.
BSC had originally planned to sell the business through an IPO process, however it received a significant number of approaches from both trade participants and private equity organisations and a decision was made to sell it to Trustee Partners, the Australian division of Sargon.
Complectus is made up of Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.
Trustee Partners Managing Director Phillip Kingston said, when the sale was announced: “This strategic acquisition represents Trustee Partner’s first overseas investment and provides an entry into the New Zealand trustee market.”
“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 says "Complectus is a high-quality business with a talented management team that possesses vast experience in the fiduciary services sector. The business continues to track positively and will maintain its usual operations to ensure that New Zealanders have access to affordable estate planning services."
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