Booster’s bid is expected to be put up against offers from Jarden and US private equity firm TA Associates and its portfolio company Fisher Funds.
It’s strategic buyers at 10 paces in the Goldman Sachs-run sale process for wealth management shop Kiwi Wealth.
All three compete for a share of the KiwiSaver retirement savings market across the Tasman, and are trying to bolt-on Kiwi Wealth to add scale to their existing operations. Meanwhile, TA Associates, which has dealmakers Michael Berk and Edward Sippel hunting for financial services targets in the Asia-Pacific region, is keen to continue its run of recent industry consolidation that also saw it acquire Aon New Zealand KiwiSaver scheme and Master Trust late last year.
It’s owned by New Zealand Post and institutional investors NZ Super and Accident Compensation Corporation as part of Kiwi Group Holdings., and advised their client there would be ample interest from potential buyers to run an auction.
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