General insurance broker Steadfast Group’s graduation to the big caps hasn’t slowed its appetite for acquisitions.
General insurance broker Steadfast Group, now worth $5.3 billion, may have graduated to the big caps but it is still gobbling up private businesses with its hefty public market multiple and has investors laughing all the way to the bank.
It’s roll-up money for jam; and the kind of small cap manoeuvre companies normally struggle to pull off once they graduate to the big leagues. Institutions are enjoying it and reckon Steadfast boss Robert Kelly holds it all together.There will come a time when the roll-up music stops – there usually does. But Steadfast was pitching that it has plenty more growth left in the tank on Wednesday.
While Steadfast’s done well for investors , it’s been a handy client for investment banks. It was the company’s third equity raising on results day in the past four years, and fifth since listing as a $550 million-odd company in August 2013. JPMorgan and UBS did Wednesday raising.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Steadfast Group raising $225m for acquisitionJPMorgan and UBS have launched a $225 million equity raising for Steadfast Group.
Read more »
Steadfast Group raising $225m; JPM, UBS on ticketJPMorgan and UBS have launched a $225 million equity raising for Steadfast Group.
Read more »
US unions push back against recruitment of Australian pilotsThe largest airline pilot union in the world is pushing back at the mass recruitment of Australian pilots into America via the special ‘E-3’ visa scheme.
Read more »
ASX to rise, following Wall Street gains, as oil sinks on China's slowing economyAustralian shares are likely to start the day higher, following gains on Wall Street, despite renewed concerns about China's economy leading to a fall in oil and iron ore prices.
Read more »
All eyes are on this fashion stock as a barometer for consumer spendingAt a time when bargains are top of the list for shoppers, analysts are watching fashion jewellery business Lovisa closely. MsEmmaK
Read more »
ASX to rise ahead of the quarterly wage growth reportAustralian shares are expected to start the day slightly higher ahead of the release of the quarterly wage price index.
Read more »