Mills Oakley acts for Financial Index Wealth Accountants on $130 million acquisition of Centric Wealth Limited

January, 2014

Mills Oakley is acting for Financial Index Wealth Accountants (FIWA) on its proposed $130 million off-market takeover offer for the entire share capital in Centric Wealth Limited (Centric Wealth).  Under the offer, Centric Wealth shareholders will receive 8.9 cents cash per ordinary share.

FIWA is one of Australia’s leading independent providers of retail financial planning, accounting and wealth management services.  Centric Wealth is a leading high-end wealth advisory firm with approximately $4.1 billion assets under advice (AUA).  The proposed transaction will create one of Australia’s largest financial advisory businesses with $7.6 billion AUA.

The proposed transaction is being part funded by KKR Asset Management (KKR), a credit business with $20.4 billion in assets under management and an affiliate of KKR & Co.  The fundraising will result in KKR acquiring an equity stake equivalent to approximately one third in FIWA.

The Mills Oakley team is led by Partners Martin Checketts (Private Advisory) and Daniel Livingston (Corporate Advisory).  They are assisted by Partner Adam Lunn (Employment) and Senior Associate Nicole Tumiati (Corporate Advisory).  Mills Oakley is advising on all aspects of the acquisition and the capital raising.

Daniel Livingston commented “This transaction reinforces FIWA’s position as a market leader in the financial advisory industry.  We are delighted to have been able to assist FIWA with such a significant transaction.  This transaction has also been a great opportunity for us to demonstrate the breadth and depth of the experience of our corporate transactions team, and also our particular expertise in the financial services industry.”

The Bid Implementation Agreement was signed on 11 January 2014.  The offer period is expected to open on 17 February 2014 and close on 17 March 2014.

Chase Corporate Advisory are acting as corporate advisors to FIWA.  King and Wood Mallesons are acting for Centric Wealth and Allen & Overy are acting for KKR.

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