Investment group buys Prime Trust

Melbourne-based corporate finance group Kidder Williams has purchased retirement operator Prime Trust, signaling an intention to participate in further industry acquisitions and mergers.

Under its new ownership, Prime Trust will seek a more significant investment strategy, said Kidder Williams’ Managing Director, David Williams.

“The current environment has highlighted a number of significant corporate opportunities for Prime Trust to become the country’s largest owner of Retirement Resorts,” he said.

As part of the deal, Kidder Williams Director, Philip Powell will become the Managing Director of Australian Property Custodian Holdings (APCH) – the responsible entity for Prime Trust.

Mr Powell will replace Bill Lewski who will remain as a full-time consultant to ACPH.

“It is our view these changes will make Prime Trust a more attractive merger partner or acquisition suitor,” said Mr Williams. 

The Chairman of APCH, former Health Minister Dr Michael Wooldridge, welcomed the changes in a statement.

“Bill Lewski has been the person responsible for the success of Prime Trust,” he said.

“While we retain his skills, it is now the intention to create a structure and framework for Prime Trust that will position it to take a more pro-active role in industry consolidation and to make sure all interests are aligned in order to maximise value for unit-holders.”