Contango AM in management buy-out
Contango Asset Management Ltd (CAM) has been the subject of a management buy-out ahead of a planned public listing.
The company announced today that a key cornerstone investor in the transaction had been the investment vehicle controlled by James Packer and Robert Rankin, Pacific Point Partners for a subscription of 19.9 per cent of the transaction.
The announcement said the cash consideration for the purchase of CAM was $13 million.
CAM chief investment officer and director, George Boubouras, described the transaction as the first step in an exciting future for the business.
"The Contango Asset Management team is highly motivated to grow the business into one of Australia's pre-eminent fund managers," he said.
"Alignment between a committed global cornerstone investor and the management team is a strong positive for a broad range of stakeholders."
CAM was formerly owned by listed investment company, Contango MicroCap Limited.
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