InterPrac goes to private equity
Sequoia Financial is expected to exit a trading halt on the Australian Securities Exchange having announced that it has sold InterPrac to private equity player, Conquest Investment Partners.
Sequoia entered the trading halt on Friday and is understood to have signed a sale agreement to Conquest.
It is understood Sequoia regards the arrangement as having ensured the InterPrac business remains properly resourced to manage ongoing remediation, complaints and stakeholder engagement.
The sale announcement follows on from Sequoia’s announcement last week that major platform, HUB24 had notified it that it would not be dealing with InterPrac.
Sequoia signalled that external factors beyond its control including platform providers withdrawing support, ongoing regulatory and legal uncertainty, and declining adviser numbers and revenue meant the business was no longer viable in its current structure.
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