BSC Limited, the parent company of Complectus Limited, confirms that it has entered into a re-financing agreement and long-term partnership with local private equity firm Direct Capital. Direct Capital will have an option to convert the loan for 50% of the shares in Complectus at a point in the future.

The partnership positions the company for growth and expansion in a sector that is adapting to rapid change in the management of trusts and estates for families, and increasing compliance and fiduciary supervision in the corporate trust sector, for which Complectus (which comprises Perpetual Guardian, Guardian Trust, Covenant and New Zealand Trustee Services) is the market leader.

BSC Limited was attracted to Direct Capital as it has a long-term partnership horizon and an investor base that includes pension and endowment funds, and community and charitable trusts, providing a strong cultural fit.

About BSC Limited

BSC Limited is the parent company of Complectus, which was established in 2014. Complectus is the dominant and most innovative fiduciary services group in the New Zealand market, with companies including Perpetual Guardian, Guardian Trust, Covenant and New Zealand Trustee Services.

About Direct Capital

Direct Capital was established in 1994 and is New Zealand’s largest private equity firm having raised $1.2 billion in capital for investment into private companies. Its fifth and most recent fund, Direct Capital V, raised $375 million from institutional investors including NZ Super and ACC, pension and endowment funds, community trusts and iwi groups.

Across its currently active funds, the firm has invested in 21 companies with aggregate annual revenues of $1.7 billion and employing more than 5,500 staff.

Direct Capital has partnered with some of New Zealand’s best-known and most successful businesses, including the now-NZX-listed Ryman Healthcare, Scales Corporation and New Zealand King Salmon; Bayleys Corporation, Debit Success, Highway Group, NZ Pharmaceuticals and GoBus.