Quadrant sells home equity release businesses in NZ$87m deal


new zealand auckland_sqQuadrant Private Equity has exited its investment in Seniors Money International’s New Zealand and Australian home equity release (HER) units Sentinel and ASF for NZ$87m ($72.7m).

Heartland said that HER “offers significant growth opportunities supported by demographic and population fundamentals.”

The deal is subject to approval by Seniors Money International’s shareholders and is expected to close by April 1 this year, heartland said in a statement.

Sentinel is the largest HER mortgage provider in New Zealand with an 80 per cent market share, while ASF holds 20 per cent of Australia’s market.

In October last year it was reported that Quadrant was looking to float its portfolio company Burson Auto Parts after a two year holding period.

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