Sydney private equity firm Mercury Capital has gained board agreement to take a 25-30% strategic stake in New Zealand wealth advisory firm Forsyth Barr.
The value of the investment has not been disclosed.
Mercury’s offer is subject to shareholder approval which is expected to be gained this month (August).
Forsyth Barr chairman David Kirk said: “This is a highly positive step for the firm, our staff and clients. Mercury Capital’s investment reflects confidence in our strategy, market position and future growth.”
Forsyth Barr managing director Neil Paviour-Smith said: “Mercury Capital shares our view that trusted personalised advice is more important than ever to help clients navigate a world of accelerating change, disruption and opportunity.”
Founded in Dunedin in 1936, Forsyth Barr has a long-standing tradition of staff ownership. The firm is now owned by more than 300 staff.
Mid-market firm Mercury Capital has more than $1 billion in funds under management. The firm was founded by New Zealander Clark Perkins in 2010 and is an active investor in the New Zealand market. Around half of Mercury’s staff are New Zealanders.
Image: The Forsyth Barr Building in Christchurch.