Platform and administration provider OneVue has purchased the entirety of superannuation administration business Super Managers Australia (SMA) for $5.2 million.
OneVue announced the acquisition of 100 per cent of Super Managers Australia via the ASX yesterday.
The purchase follows OneVue's acquisition of 50 per cent of the business in December last year. SMA has funds under administration in excess of $1.1 billion and more than 22,000 members are currently administered on the service.
OneVue stated the total consideration of $5.2 million represents the acquisition of 100 per cent of issued shares in SMA and assumption of external debt in the business of $3.6 million, as well as the previous loan funds of $1.5 million provided to SMA by OneVue.
OneVue will complete the transaction with the use of a new debt facility providing a four-year amortising structure.
"This acquisition will complement OneVue's existing superannuation services. We were able to complete a thorough due diligence exercise given we have been providing management services to SMA since May 2014," said OneVue chief executive Connie Mckeage.
"Under OneVue's management, significant restructuring of the business has already been completed and the business now has a pipeline of potential new clients."
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