An 11th equity partner has been recruited by multi-manager business ipac - Sydney-based Parkside InvestorPlus Solutions.
The $200 million funds under advice business has a 20-year history with its three principals Mark Greaves, Wayne Billington and Bob Salkeld.
When Salkeld decided to unlock his capital, ipac stumped up the cash through its equity partners program. ipac refused to disclose the sum involved.
"We wanted a succession solution that meant we continued to call the shots. We will look to leverage what ipac [does in its] financial planning business and they can learn from what we are doing," Billington said:
Salkeld will continue in the business part-time. The partnership provides a succession plan to the two shareholders; ipac will take ownership in 10 years.
It has provided around 30 succession solutions including book buys to the purchase of business over time through equity partnering.
"ipac's Equity Partner Program provides the capital to buy out the retiring shareholder and also enabled the remaining owners to unlock their value in the business in the future," ipac head of adviser solutions John Saint said.
Capital to acquire stakes in professional and growing businesses is provided by ipac parent Axa.
