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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
