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Lazard PE arm invests in Australian oil and gas consultancy

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The private equity arm of Lazard has become an investor in RISC, taking a 41% stake in the Australian oil and gas consultancy for an undisclosed sum. Under the deal, RISC will also form a strategic alliance with Lazard, giving the consultancy wider exposure to M&A advisory work.

According to Geoff Barker, a partner at RISC, the two firms will work together and refer work to each other on a case-by-case basis. He added that RISC's board would be restructured to incorporate the new ownership model, with John Wylie, managing director of Lazard Australia, becoming a non-executive director. John Boardman, RISC's founding partner, will also return to the board as vice chairman.

RISC, which started life as a seven-strong partnership in 1994, counts most of Australia's leading oil and gas players among its clients.

New York-based Lazard entered the Australian market in 2007 through the purchase of boutique advisory firm Carnegie Wylie. In September 2010, it fully exited from credit-reporting and debt-collecting business Dun & Bradstreet Australia through a sale to a subsidiary of D&B Corp. for A$233 million, reportedly earning a A$100 million ($91 million) profit. Last year Lazard also set up a AUD100 million fund to buy distressed hospitality assets in Australia.

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