Australian PE firm seeks 30% stake in Forsyth Barr

Sydney-based private equity firm Mercury Capital is proposing to take a stake of up to 30% in local broking, merchant banking and investment management firm Forsyth Barr with its offer subject to a shareholder vote among other conditions.

“This is a highly positive step for the firm, our staff and clients,” said Forbarr chair David Kirk in announcing the planned investment.

“Mercury Capital’s investment reflects confidence in our strategy, market position and future growth,” Kirk said.

Mercury, founded in 2010, has more than $2 billion with funds under management (FUM) and specializes in providing growth capital to businesses in Australia and New Zealand. Its founder, Clark Perkins, and about half its staff are New Zealanders.