Private equity partner exits Goldsborough
After nearly a decade during which a private equity firm held a 49 per cent stake, Adelaide financial planning firm, Goldsborough Financial Services has returned to 100 per cent in-house ownership.
The firm announced this month that its local partners had "bought back the farm" with the seven current partners now holding all the shares in the business after earlier lifting their control to 85 per cent.
Commenting on the return to full partner ownership, Goldborough chief executive, Susie Vincent said it just made good sense in circumstances where the partners had robust growth plans for the business.
"While the previous shareholder was always very supportive and positive of the business from day one, it just made wise commercial sense for the local partners who physically operate the business on a day-to-day basis to have total control of where we planned to take it," she said.
Vincent said both parties had agreed the time had come in the evolution of Goldsborough to return it to 100 per cent partner ownership, which, in turn, had opened up the potential for increased ownership opportunities for more staff.
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