Sydney-based company Adamantem Capital has formally moved to acquire wealth management group Mason Stevens with the deal set to capitalise on Australia’s expanding “high net worth” sector.
The acquisition follows a binding agreement for the buyout signed by the companies in December last year.
While financial details of the acquisition have not been disclosed, the deal has been reported to be worth $200 million.
Mason Stevens says that with the backing of the private equity firm it plans to boost investment in its integrated wealth platform and services for wealth practices, focusing on innovations that enhance the client experience, improve efficiency and support scalable growth.
“Our partnership with Adamantem is a pivotal moment in Mason Stevens’ history and will enable us to fast-track our vision of delivering more advanced investment solutions and growing our client base,” says Tim Yule, CEO of Mason Stevens.
“Against a backdrop of rapid growth in the wealth management sector, we provide unique solutions that offer financial advisers the ability to think differently about how they grow wealth for their clients.
“We look forward to working with the Adamantem team to build on the strong foundations we’ve established and continue to deliver superior results for existing and new clients.”
Mason Stevens, which was founded in 2010, has experienced significant growth since the beginning of FY22 leading to a 57 per cent surge in funds under administration since then to about $8 billion.
The company has more than 80 staff nationally with offices in Sydney and Melbourne.
Georgina Varley, managing director at Adamantem Capital, says Mason Stevens is “well positioned” to support clients in the growing wealth management industry.
“Mason Stevens has built an impressive platform and investment offering to help financial advisers deliver on their clients’ investment goals,” says Varley.
"The breadth and sophistication of what Mason Stevens offers is what attracted us as investors and we’re excited to support them in the next stage of the company’s journey.”
Adamantem Capital, which was founded in 2016, has more than $2 billion in funds under management with investments in consumer products, medical, IT services and community health.
The private equity group earlier this year planned a $143 million takeover offer for zero-waste recycler Close the Loop (ASX: CLG) but walked away from the deal after the parties were unable to reach agreement on terms for the deal.
Earlier in the year, Adamantem secured control of patent law firm owner QANTM Intellectual Property in an ASX takeover worth $254 million.
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