New Zealand firm advises on $68.5million acquisition

by Mackenzie McCarty16 Apr 2014
Simpson Grierson has advised Milford Funds Limited on its acquisition of a 50% stake in the New Zealand Guardian Trust Company Ltd (NZGT) worth $68.5million.

Milford's investment was made via a joint venture company, Complectus Ltd, jointly owned by Bath Street Capital, the investment vehicle of British entrepreneur, Andrew Barnes. Bath Street is also the owner of New Zealand's Perpetual Trust.

Complectus acquired NZGT for $68.5million from ASX-listed The Trust Company Ltd and plans to operate the businesses of Perpetual and NZGT in a partnership.

"We are very pleased to have assisted Milford in a large and complex transaction. With the new management team in place and Milford's backing, this feels like a new beginning for New Zealand's trust industry,” says Simpson Grierson's head of corporate, Michael Pollard, who was assisted by senior associate, James Hawes.

Pollard says the acquisition signals the latest significant deal in the New Zealand M&A market.

"We [at Simpson Grierson] continue to work on a number of opportunities, both here and overseas and I am excited about this apparent resurgence in the New Zealand M&A market,” he says.