Craigs is the most recent finance firm to fall into private equity ownership, after Jarden, JB Were and BNZ’s wealth businesses were merged into FirstCape under a co-ownership deal with 35% held by Australia’s Pacific Equity Partners (PEP).
Craigs has $32 billion in funds under management and 650 employees, including 180 investment advisers in its private wealth division.
It also has an investment banking arm that has advised significant business deals such as the sale of Vodafone to Infratil and Canadian firm Brookfield and Treasury’s mixed-ownership model of critical assets.
Tong said TA’s global network would help support the firm’s service offering while enabling its expansion.
“Access to TA’s international network, best practices and insights will help us elevate our services while maintaining the personalised approach that sets us apart,” he wrote.
TA Associates managing director Edward Sippel wrote that it deeply respected the firm’s 40-year history.
“[We] are honoured to support the firm’s continued growth strategy and commitment to delivering best-in-class client outcomes.”
TA had invested in more than 560 companies since 1968 across financial services, technology, healthcare and consumer and business services.
Craigs' previous ownership has passed through German and Scottish hands.
In 2010, Deutsche NZ’s 49.9% purchase of Craigs was approved by the Overseas Investment Office in a deal of assets totalling $4.7b.
Before that, the firm was named ABN Amro Craigs when it was part-owned by the Royal Bank of Scotland.
Madison Reidy is host and executive producer of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.
