Non-bank licensee Madison Financial Group has been acquired by a private equity start-up with links to foreign capital, after current owner PHAROS rejected previous bids.
Trustee Partners has announced it will acquire Madison from PHAROS Financial Group as part of a greater push into the Australian financial services market.
In a statement from Trustee Partners, PHAROS co-founders Mark Perry and Tony Hartley said they had previously rejected acquisition offers for the Madison business but were won over by the Trustee Partners bid.
“Compatibility and a shared vision for the future of advice were our paramount concerns before agreeing to the sale,” Mr Perry said.
Under the terms of the deal, Trustee Partners will also acquire PHAROS subsidiaries WealthPortal, AdviceNet and Proactive Portfolios.
Established in 2016, Trustee Partners is led by former Timbercorp and IOOF executive Andrew Peterson and is the trading name of global private equity outfit Sargon Capital.
Sargon has offices in Melbourne and Hong Kong and has been linked to influential Silicon Valley venture capitalist Peter Thiel alongside other international investors.
It is also the owner of Tidswell Financial Services, the Adelaide-based AFSL holder fined by ASIC for its role as a trustee to Spaceship.