Pacific Infrastructure Partners (PIP) has completed the acquisition of three key operating entities and assets of the Sargon Capital group of companies.
The acquisition of the three registrable superannuation entities that were part of Sargon were Diversa Trustees, CCSL, and Tidswell Financial Services had been approved by the Australian Prudential and Regulation Authority (APRA), PIP announced.
The Treasurer had also approved the purchase of the operating entities and assets after a recommendation by the Foreign Investment Review Board.
PIP is a new entity formed for the purpose of investing in technology-enabled financial services.
New York-based financiers Teddy Wasserman and Australian Matthew Kibble led the transaction through Cloverhill Group and Kibble Holdings respectively. They were joined as equity shareholders in PIP by Visa Credit Partners that also provided financing for the transaction.
Wasserman, Cloverhill’s managing partner, said: “We believe the proprietary next-generation trustee infrastructure that Sargon has developed to be world-class technology. As the new owner, PIP brings funding capacity, leadership capability and strengthened governance to unlock its enormous potential, as well as take advantage of what is a significant market opportunity, given the sector tailwinds and underinvestment in legacy systems.
“We are pleased to bring on board an experienced partner like Vista Credit Partners and thank them for the speed and certainty with which they executed this transaction.”
David Flannery, president of Vista Credit Partners, said: “This is a tremendous asset class and Australia is recognised as having one of the best models of superannuation and retirement savings in the world.
“Vista and VCP have a long and proud track-record of backing companies like Pacific Infrastructure Partners, which are at the forefront of digital transformation and have the intellectual property capable of winning on a global stage. We are pleased to make this significant investment to provide capital to PIP and we look forward to helping leadership realise their vision as part of the Vista ecosystem.”