Only six years after taking control of what was UBS Australia’s wealth management business, the management- and staff-owned Crestone has signed a $475 million sale to a European strategic buyer.
Street Talk revealed the remarkable deal on Wednesday morning – and Crestone confirmed it soon after. The group’s owners will receive $250 million upfront and deferred consideration worth an estimated $275 million in years to come.
The deal capped a stunning transformation for what was an orphan business, in need of some love and investment.
Crestone’s advisers have unashamedly targeted Australia’s wealthy investors, and now are being paid a king’s ransom for their efforts.
Investment banks are circling Sydney businessman Neville Crichton and his car importing business Ateco Group, in expectation it could be one of the next automotive groups to consider life on the ASX-boards.
Digital receipts business Slyp is in the final stages of raising a $20 million to $30 million round, which will value the business around $150 million.
