IVE Group Limited (ASX:IGL) (IVE) has today announced it has signed a binding agreement to divest of its Telefundraising business (formerly Pareto Phone) for a purchase consideration of A$16.5 million. The business will be acquired by an entity associated with Merchant Place Investments Pty Ltd, with completion due to take place on Friday October 30, 2020.
The largest of its kind in Australia, IVE Telefundraising specialises in comprehensive outbound tele-marketing campaigns primarily for the not for profit sector, conducting over 1 million calls per year for its charity clients. Post completion, the business will revert back to the Pareto Phone brand and will continue to operate as a standalone business with 150 staff based in Fortitude Valley, Qld.
IVE Telefundraising Chief Executive Officer, Keith Elliott said, “the business has gone from strength to strength under IVE’s ownership over the last 5 years as we’ve grown market share and continued to refine and innovate our data driven offer to Australia’s leading charities. We have also played an active role in the sector through our involvement with the Fundraising Institute of Australia (FIA) and the many other industry groups. My team and I very much look forward to working with Merchant Place to continue to drive growth and expand from what is today a very solid business with a leading market position”
Merchant Place Investments Managing Director, Tom Mould AO, said, “the Merchant Place principals and our family office investment partners are long term equity investors and we share a keen personal interest in the charitable sector.
We are delighted to acquire a market leading business that provides an important and recurring service to its not-for-profit clients.”
Executive Chairman IVE Group Ltd
About Merchant Place Investments
Merchant Place Investments is a private investment company with offices in Sydney and Brisbane. Our investors are some of Australia’s most successful families and charitable foundations.
Merchant Place seeks to invest in businesses that consistently generate strong cash flows for their owners – enduringly profitable businesses. We invest for sustainable growth, and generally do not use debt to fund our investments.
The firm is owned by its three principals, Nick Batchelor, Nick Mole and Tom Mould AO.