Advised on the sale of Mercury Private, a Sydney based wealth management firm

Mercury Private is a Sydney based wealth management firm focusing on medical practitioners, high net wealth individuals and family offices.

As part of medium term succession strategy, the managing director wanted to achieve a favourable outcome for his clients, his team, and the acquiring firm, in addition to himself. This objective was achieved by negotiating above market price & terms with an acquirer who:

1. Was committed to continuing with the practice’s client engagement model to maximise client retention
2. Was able to accommodate the managing principal’s desire to continue advising clients in the medium term
3. Could provide a career path for staff promotion including equity ownership
4. Had sufficient scale to support the growth aspirations of the practice and manage/assist back office operations.

Upon completing the strategic review to appraise the business and confirm the objectives of key stakeholders, a discrete marketing campaign was undertaken to secure an acquirer/merger partner with the capacity to manage the practice’s premium client base and with the infrastructure to support the career development of the team and the future growth of the practice.

JNP Legal were closely involved in the transaction from the term sheet stage and completed the legal documents resulting in a seamless and timely execution of the transaction.

• 8 week marketing campaign
• 67 parties registered their interest
• 12 parties were interviewed
• 6 expressions of interest lodged

The successful purchaser was a Melbourne based firm looking to establish a presence in Sydney. The practice’s client engagement model and brand was retained.

The shareholders were able to receive part of their consideration in equity in the purchaser group, providing them with an opportunity to retain ownership. There is an opportunity for additional staff to enter the equity scheme in the future.