Snowball picks up MBC
Snowball Group has agreed to the terms to acquire the assets of Mastertek Benefit Consultants (MBC), it announced today.
MBC specialises in providing superannuation and related risk insurance services to large corporations.
The Snowball announcement said the acquisition of MBC would also entail a relationship with technology developer Avant Solutions and the continuation and further development of Avant’s personalised member reporting facility.
Snowball managing director Tony McDonald said that the Avant technology added value to the MBC acquisition.
“We plan to roll out this service across the Snowball network, enhancing our ability to provide innovative member servicing to our corporate clients,” McDonald said.
“Both MBC and Avant are a very neat structural fit with our existing corporate superannuation core business... These arrangements will generate substantial economies of scale,” he said.
Under the terms of the deal, Snowball will acquire all of the assets of MBC.
The acquisition will be financed from a combination of available cash reserves and Snowball’s banking facility.
Once the acquisition is completed, Snowball’s total corporate superannuation funds under advice will be close to $1 billion.
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