Matrix puts itself on the block
Matrix Financial Planning is seeking expressions of interest to sell 100 per cent of the business to an external investor.
At an extraordinary general meeting with Matrix shareholders last week, the group resolved to take the first step to seek expressions of interest from an external investor to acquire the Matrix business, managing director Rick Di Cristoforo has confirmed to Money Management.
Di Cristoforo stressed the decision was a strategic one that would not be made in a hurry, with the group currently in a financially stable position.
Matrix currently has plans based on a positive growth strategy that will require additional capital to implement. The company will be seeking an investor looking for new exposure or seeking to develop its current exposure in the Australian financial services industry, rather than one simply seeking distribution, Di Cristoforo said.
While noting the current consolidation within the industry, Di Cristoforo said Matrix would not be seeking an investor simply looking at buying up financial adviser numbers.
It's about finding an investor that fits the business and taking the time to complete the sale properly rather than rushing it through, he said.
The move has been discussed within the group and has significant support from Matrix shareholders and advisers, he said.
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