Allens has advised Pacific Equity Partners (PEP) on its investment in FirstCape, the newly combined New Zealand wealth management business of NAB (BNZ Wealth and JBWere New Zealand) and Jarden Wealth.
The proposed transaction sees PEP acquire a 35% stake in FirstCape, with NAB and Jarden Wealth retaining shareholdings of 45% and 20% respectively.
Allens advised on all Australian law aspects of the transaction.
'PEP's investment in FirstCape typifies the ongoing resilience of financial sponsor activity we've seen in 2023,' said lead Partner Noah Obradovic.
'Despite a relatively lean year for private equity, the back end of 2023 has been promising, particularly for highly complex carve-outs and take private opportunities. Going into the new year, although downside risks remain, we remain cautiously optimistic that activity will continue to pick up.
'We congratulate PEP on their investment in the growing NZ wealth management sector, and look forward to seeing FirstCape go from strength to strength.'
The advice continues Allens long-running relationship with PEP, with the firm having recently advised PEP on its acquisition of a 50% stake in LMS energy.
Allens legal team
M&A and Capital Markets
Noah Obradovic (Partner), Terence Zhou (Senior Associate), Jess Hodgson (Lawyer)
Funds, Super and Financial Services
Simun Soljo (Partner), Virginia Wang (Associate)