Australia's Findex to take over Centric Wealth

By VCPOST Staff Reporter

Feb 18, 2014 09:52 AM EST

Financial Index Wealth Accountants (Findex) has entered an agreement to take over high net worth advisory company Centric Wealth Ltd. The exact value of the deal was not disclosed, according to Professional Planner.

Under the terms of the takeover deal, Findex will acquire 100% of Centric Wealth's issued ordinary shares. In addition, the latter's shareholders will receive 8.9 cents for every ordinary share, the report detailed.

Findex founder and Chief Executive Officer (CEO) Spiro Paule said of the transaction: "The combination of the two businesses creates one of Australia's largest, non-aligned financial advisory organizations. We are both focused on providing the best possible advice and solutions to our clients. We will be able to share respective areas of expertise and offer clients and employees a greater level of sophistication and opportunity."

KKR Asset Management provided funding for the acquisition of Centric Wealth. As part of the deal, KKR will own a third of the combined entity, Professional Planner reported.

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