| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision Maker | Overseas Investment Office |
| Decision Date | 30 September 2019 |
| Pathway(s) | Significant business assets |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100% of the shares in Transaction Services Group Limited, the consideration of which exceeds $100m. |
| Asset Value | $192,108,000 |
| Applicant | AI Sky UK Bidco Limited Ultimately owned by financial investors, being the Advent International GPE IX funds and Advent Global Technology funds, which are managed by Advent International Corporation. |
| Vendor | Bolton Equities Limited Calera XVIII, L.P. Calera Capital Partners V SBS (Cayman) AIV, L.P. Calera Capital Partners V (Cayman) AIV I, L.P. Management Sellers New Zealand Public (50.8%) United States of America Public (48.3%) Various overseas persons (0.8%) |
| Background | The Applicant is a special purpose holding company that is ultimately owned and controlled by, funds managed by Advent International Corporation, a Boston based global private equity firm. The Target and its subsidiaries provide customised business management software solutions, and integrated payments and services across a range of sectors. The Target has three New Zealand subsidiaries, namely, DebitSuccess Limited, Paysmart NZ Limited, and Clubware Limited. Advent International Corporation has prior experience investing in sectors including payment services, business management software, resource planning software and digital identity solutions. It has identified the Target as an attractive commercial opportunity. The Applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen, and are of good character. The Applicant has also demonstrated financial commitment to the investment. |
| More information | Tim Tubman Chapman Tripp PO Box 2206 AUCKLAND 1140 |