Hall & Wilcox acts for OneVue while McCullough Robertson ‘selected’ to act for specialist multi-asset investment manager in $7 million acquisition
Two leading independent law firms Hall & Wilcox and McCullough Robertson have completed a swift but complex transaction involving the $7 million sale and return of regulatory capital of the Select group: Select Asset Management and Select Investment Partners (SIPL) to OneVue Holdings Limited (ASX: OVH) (OneVue), now one of Australia’s leading responsible entities (RE’s) for multi-asset trusts.
OneVue was represented by Hall & Wilcox’s Sydney and Melbourne offices while the McCullough Robertson Sydney team represented SIPL.
The transaction was completed in less than a week, included more than 30 vendors, and will increase OneVue’s Retail Funds Under Management and Administration from $1.9 billion to $2.6 billion and Total Funds under Supervision from RE and trustee services from $711 million to $1.6 billion.
Adrian Verdnik, Partner, led the Hall & Wilcox team along with Partner Danny Herceg and Senior Associate James Morvell. Mr Verdnik said the Hall & Wilcox team worked closely with OneVue’s Company Secretary, Thomas Robertson and in-house counsel, Steven Fuller, to get the deal done.
“OneVue came to us with a very clear idea of what they wanted”, Mr Verdnik said, “but it still required a lot of goodwill and co-operation between the respective executive teams and their advisers to get the transaction completed within the timeframe”.
“McCullough Robertson, which represented Select in the transaction, did a fantastic job of coordinating all the vendors, some of whom were based overseas, and having them execute all the documents required.”
Lead McCullough Robertson Partner on the transaction Adrian Smith said to complete this type of transaction in such a short period with this number of vendors is a great result for SIPL and a credit to the team.
“SIPL has a track record of more than 12 years managing diversified multi-asset portfolios. This transaction will enhance the current value propositions for the clients of both businesses,” Mr Smith said.
The transaction is fully funded from existing cash reserves and the issue of OneVue shares.
“The consideration for the Select businesses will be paid $2.7 million in cash and $4.3 million in OneVue scrip. There is also an incentive component, payable in scrip, for total revenue growth above an agreed threshold in SIPL during the 2015 financial year,” Mr Smith said.
“Shares issued will have an escrow period of up to 12 months. The cash component will be funded from existing cash holdings.
“McCullough Robertson has been pleased to assist SIPL in its acquisition by OneVue, and the Hall & Wilcox team was a pleasure to work with. We are confident that this deal will enable OneVue to more effectively deliver a broader range of client solutions.”
Throughout the transaction, the McCullough Robertson team, which included Lawyer Caitlin Filmer working intensively from start to finish, has been aligned in creating the best value for SIPL shareholders and hopes to continue working with the new merged business in the future.
The Select group shareholders were advised by Nelson Lam of Chase Corporate Advisory while OneVue was advised by Mark Hodge of Andover Corporate Finance.
Contact
Luke Denham
Lawyer
Sarah Khan
Lawyer
Marie Mitilineos
Lawyer
Gloria Tam
Lawyer
Sheldon Fu
Lawyer
Anna Cao
Lawyer
Silvana Brcina
Lawyer
Daphne Schilizzi
Lawyer
Andrew Banks
Lawyer
Isabella Urso
Lawyer
Jessica Liu
Lawyer
Amelia Spratt
Lawyer
Luke Raams
Lawyer
Emma McDonald
Lawyer
Rebecca Dodd
Lawyer
Rachel Bonic
Lawyer
Samantha Frost
Lawyer
Emma Bechaz
Lawyer
Luke Hefferan
Lawyer
Michelle Harradine
Lawyer
You might be also interested in...
Thinking | 19 Sep 2014
Hall & Wilcox boosts innovation credentials with board appointment
Leading independent business law firm, Hall & Wilcox, has shown it is serious about innovation by appointing renowned innovation thought leader, Peter Williams, to its board. Pete is CEO of Deloitte Digital and Chairman of the Deloitte Innovation Council, and recognised as one of Australia’s leading thinkers and practitioners in the area of innovation, technology […]
Thinking | 3 Sep 2014
Hall & Wilcox advises Austria’s Knill Gruppe on local acquisition
Leading independent Australian business law firm, Hall & Wilcox, has facilitated a crossborder acquisition between an Austrian energy company and a local electrical equipment provider. The deal saw Austria’s 300-year old Knill Gruppe, a large energy and technology firm, purchase Victoria’s Graph Solutions, which distributes electronic equipment such as insulators for power lines. Hall & […]