Phil Kearns, Centric Wealth chief executive officer and shareholder, confirmed that Champ Private Equity is planning to sell his company for somewhere between US$150 million and US$200 million. Champ Private Equity, an Australian-based private equity firm, owns a 75% stake in Centric Wealth. Champ Private Equity bought its stake in Centric for about US$80 million in 2009.
The chief executive confirmed Champ Private Equity intended to sell the business. "We think somewhere between $150m and $200m would be a great and fair price," Mr. Kearns said. He added that although the process is still in the early development, several potential buyers had already expressed interest.
Mr Kearns said potential international and local buyers had expressed solid interest after unofficial accounts of a sale surfaced earlier this year. "We've had different sorts of investors with different sorts of motivations but it's best not to to say too much," he said. It is too soon to know if the sale will include the minority investors. The process is managed by Macquarie Capital.
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