Phillips Fox has advised St.George Bank Limited on its financing of PrefSure Holdings Limited’s (formerly Capital Alliance Holdings (Australia) Pty Limited) $85 million acquisition of Lumley Life from Wesfarmers Limited. Wesfarmers recently purchased the Edward Lumley Group and sold Lumley Life to Capital Alliance Holdings pursuant to ACCC requirements.
St.George arranged and underwrote all of the bank debt on the acquisition.
Finance Senior Associate, Ben Burney and Finance Partner, Bill Chapman led the Phillips Fox team working with, Finance Solicitor, Adam Fuller, Corporate Partner, Samantha O’Brien and Corporate Solicitor, Sabina Bickelmann.
Phillip Fox’s Burney said:
“Our team’s proven track record advising on the acquisition, disposal and banking of insurance businesses was key to St.George instructing us on this deal. In the end, our experience in the sector and our understanding of regulatory and prudential issues was what enabled us to get the deal completed in the tight timeframe set by the parties. It was an example of how an industry-focused team can work together to facilitate the commercial objectives of the clients.”
Simon Beissel, Head of Corporate Finance at St.George said:
“With our experience in financing middle market acquisitions, St.George was able to provide the commitment to Prefsure necessary to complete the Lumley purchase, with the flexibility to ensure a strong partnership was created for the future. Phillips Fox’s professionalism and responsiveness was an integral part of the service we delivered to the client.”
