19 August 2021

KWM advises Steadfast on $220m capital raising for its $411m acquisition of Coverforce

King & Wood Mallesons is delighted to have assisted Steadfast Group on its successful capital raising for the acquisition of Coverforce.

The acquisition sees Steadfast, the largest general insurance broking network and the largest underwriting agency group in Australasia, acquire 100% of Coverforce, one of Australia’s largest privately owned insurance brokers, and predominantly focused on servicing the SME sector.

The deal will deliver Steadfast scale, product and client diversification aligning to Steadfast’s growth strategy.

The capital raising was an institutional placement and share purchase plan.

KWM’s deal team comprised Partners Jonathan Grant and Paul Schroder, Special Counsel Mandy Tsang, Senior Associates Tom Harrison and Astrid Sugden and solicitors Jing Wang & Piero Craney.

Commenting on the deal, Jonathan Grant said:

“We have had the pleasure of supporting Steadfast for many years, and it’s great to see our long-standing clients continue to trust us with their most important and strategic projects - congratulations to Steadfast on this significant transaction, which received strong investor demand.”

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