Private equity takes RM Williams stake
Iconic Australian brand, R.M.Williams has received an investment infusion from private equity firm, L Capital Asia.
The investment was announced this week with former News Limited senior executive, Ken Cowley who is both owner and chairman of the brand retaining a majority share, with L Capital Asia acquiring 49.9 per cent of the company.
L Capital Asia is described as being a private equity fund sponsored by LVMH Moët Hennessy - Louis Vuitton.
The announcement attaching to the transaction said L Capital Asia had looked at the business performance over the past 5 years and appreciated the opportunity that the R.M.Williams brand has to grow even further with the support of a like-minded investor.
Cowley and his family assumed sole ownership and privatised R.M.Williams in October 2003.
R.M.Williams and L Capital Asia will complete the formal transaction by mid-May, this year, at which time new board members will be announced.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
