Mercury Capital acquires stakes in KKR’s Findex Group, Fyfe
Mercury Capital is in dealmaking mode. Street Talk understands Clark Perkins’ private equity shop has inked two acquisitions this month, closing out its pursuit of KKR-backed accounting and advisory firm Findex Group and professional services firm Fyfe.
Sources said Mercury has acquired a 40 per cent stake in Findex Group from KKR in a deal set to be announced on Wednesday.
Findex managing director Spiro Paule. Jessica Hromas
Macquarie Capital, which was called in by KKR in 2021 to find a buyer for its stake, advised Findex on the transaction.
Findex was founded more than 30 years ago by brothers Spiro and Terry Paule. The Melbourne-based company, which counts former Prime Minister Malcolm Turnbull as a non-executive director, is Australia’s six-biggest accounting firm behind the big four and BDO with $17 billion in funds under advice and 3000-plus staff.
Mercury Capital secured exclusive status on the asset late last year and was understood to be working through final due diligence, as reported by Street Talk.
It’s the second deal this year for Mercury Capital’s $1 billion Fund 4 which snapped up a majority stake in professional services firm Fyfe on Friday. Mercury will take a 60 per cent interest in the 470-person company which has been around since the 1980s and provides engineering, environment, planning and survey consulting services.
Mercury Capital founder Clark Perkins AFR
Sources said the purchase by Mercury placed a total value on Fyfe of about $150 million.
The Findex and Fyfe acquisitions come 12 months after Mercury took a 60 per cent in a Sydney private education tutoring business Matrix Education.
The firm has had some big wins over the years including MessageMedia which was housed in its second and third funds and sold to a Swedish trade player last year.
Mercury, spearheaded by ex-Goldman Sachs investor Perkins, started preparing investors for its new Australian buyout fund, dubbed Mercury Capital 4, in 2022. Its $600 million Mercury Capital 3 houses magazine publisher Are Media, recycling and resource recovery business Re.Group and a small stake in Ticketek owner TEG.
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