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Mercury Capital poaches Crescent investment director

  • Susannah Birkwood
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Australian mid-market private equity firm Mercury Capital has reportedly hired Christopher Criddle, partner and investment director at rival firm Crescent Capital Partners.

Two sources told Deal Journal Australia that Criddle will start at Mercury's Sydney offices in mid-September.

Established in 2009 by ex-Goldman Sachs managing director Clark Perkins, Mercury raised approximately A$120 million ($125 million) for its first fund in 2010. Its team includes ex-CVC Asia Pacific investment manager Ben Hawter.

Crescent Capital, meanwhile, saw ClearView Wealth - the Australian financial services company for which the investor made an A$220 million ($225 million) takeover bid last month - urge shareholders to reject its offer on Monday. The decision was taken after an independent appraisal from KPMG Corporate Finance valued the company at A$0.68-0.74 a share.

It was also reported last month that Guinness Peat Group, which owns 47.8% of ClearView, said that Crescent's offer was wholly inadequate and didn't reflect the company's value. Ray Kellerman, CEO of ClearView, added at the time that the board was advising shareholders to take no action in respect of the bid.

The offer of A$0.50 per share nevertheless represented an 8% premium to ClearView's July 11 closing price and a 9% premium to its six-month trading average.

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