A private management group led by Matthew Rowe, Brad Ackermann and Andrew Row along with Pemba Capital Partners Pty Limited entered into an agreement to acquire SuperConcepts Pty Ltd from AMP Limited (ASX:AMP) for AUD 8 million on June 7, 2023. The upfront cash consideration is subject to typical post completion adjustments. Post completion, Matthew Rowe will lead the SuperConcepts business as Managing Director, Brad Ackermann will serve as Chief Operating Officer and Andrew Row will be Executive Director of client services.

Current Chief Executive Grant Christensen along with approximately 500 employees will transfer out of AMP with the sale. The transaction is targeted to complete by the third quarter of 2023. The transaction is expected to result in an accounting loss on sale of approximately AUD 7 million.

Mark Currell and Elizabeth Hundt Russell of Clifford Chance acted as legal advisor to Pemba Capital Partners Pty Limited. Karun Cariappa, Kartikeya Prakash, Aman Dwivedi, Sivananda Pingali, Tanvi Tekriwal, Akshat Anant Agarwal and Parnika Mittal of Khaitan & Co. acted as a legal advisor for Pemba Capital Partners Pty Limited.