OneVue sells super trustee business for $45m

By James Mitchell

— 1 minute read

24 December 2018

Sargon Capital has acquired Diversa Trustees Limited from OneVue in a $45 million deal that will bring Sargon’s assets under trusteeship and supervision to more than $53 billion.

Diversa is one of the largest providers of superannuation trustee services in Australia and has over $10 billion worth of assets under trusteeship. The business contributed revenues of $6.7 million and EBITDA of $2.67 million to OneVue’s consolidated result in FY2018.

Sargon and OneVue have an existing relationship via Sargon’s ownership of the Madison Financial Group, who supports OneVue’s platform. Both companies have committed to explore further on-going business opportunities.

In describing the strategic rationale for the transaction, Sargon CEO Phillip Kingston highlighted the strength of Diversa’s market position and expertise in trusteeship.

“Through a powerful combination of technology and industry experts, Sargon is helping our clients navigate regulatory complexity, as well as mitigate security and compliance risks so they can focus on growth,” Mr Kingston said.

“The provision of trustee services is core business for Sargon, so we see a natural fit between Sargon and Diversa. This acquisition will play an important role in Sargon’s growth strategy.

“Over the past three years Sargon has made a number of strategic acquisitions to bolster our capability and scale in trustee and custodial services, to ultimately deliver the best possible outcomes for our clients.

“Today marks the latest milestone in that journey.”

OneVue’s managing director Connie Mckeage said: “In this market it is advantageous to have capital available to redeploy in pursuing the types of unprecedented growth opportunities which are now available in our two core business areas.

“This final divestment marks a new phase for the OneVue business,” she said.