US PE firm makes new deal backing native advice | Australian Markets
Newcastle-based financial advice apply, Coastal Recommendation Group, has turn out to be the latest to reap the advantages of a partnership with the native subsidiary of US-based personal equity, Service provider Funding Administration.
Service provider first entered the Australian market in 2022 as Service provider Wealth Companions, with Coastal Recommendation Group the latest to take up its offering of “growth capital, management resources, strategic advice and opportunities to financial advice and wealth management firms”.
The partnership has seen Service provider buy a minority, “non-controlling” stake within the financial advice firm, with Head of Service provider Australia, David Haintz, additionally becoming a member of its board.
Daniel Brown, Coastal Recommendation chief govt, mentioned the deal supplies the financial backing needed to grow the group’s personnel, enhance its strategy and innovation, increase its technology capabilities and nurture a optimistic office tradition.
“We are thrilled to begin this exciting new phase in our journey with Merchant,” he mentioned.
“This partnership brings new opportunities for growth, reinforces our commitment to delivering the best client experience, and supports
our long-term vision of becoming the leading provider of financial advice in Australia. We look forward to tapping into Merchant’s industry expertise and expanding our global reach to drive continued success.”
Haintz has beforehand consulted with the management staff at Coastal Recommendation for 4 years and assisted in boosting income by 400 per cent, in keeping with the advice firm.
“I have known and worked with the Coastal team for a number of years in which time they have undertaken more than 20 M&A transactions,” Haintz mentioned.
“In partnering with Coastal Recommendation, Service provider has now offered the capital to allow their growth to speed up.
“Coastal Advice has the vision, the model, and the entrepreneurial spirit to want to continue that growth. It’s not just a willingness and desire to do it, but an ability and capacity to do it. We are very excited about our future together.”
“Together, we are poised for an even brighter future, committed to providing exceptional financial advice and a world-class experience for
clients,” Brown and Haintz mentioned.
Coastal Recommendation Group additionally reassured its shoppers, staff and different associated stakeholders that its day-to-day operations and management won’t change as a outcome of the partnership.
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