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Berkshire Hathaway Specialty Insurance
Berkshire Hathaway Specialty Insurance

Steadfast sets up valuation services arm, eyes acquisitions

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Steadfast Group has established Steadfast Valuation Services and also entered into a new syndicated facility agreement for $660 million to support potential acquisitions.

The listed broking network says the new unit reinforces its “whole of risk” service offering, providing Steadfast brokers with access to a resource to ensure clients are adequately protected against a backdrop of rapidly rising asset values.

Steadfast Valuation Services has also completed an investment in Robertson & Robertson Consulting Valuers, an independent valuation and consultancy firm in NSW specialising in business and property.

“The valuation expertise of Robertson & Robertson also complements the Xenia Discretionary Mutual Fund managed by the Steadfast Risk Group, providing an alternative risk transfer solution for hospitality-based clients,” Steadfast said.

The statement says the new corporate debt facilities provide capacity for future growth through acquisitions.

“As part of Steadfast Group’s ordinary course of business, Steadfast Group is actively evaluating other potential acquisition opportunities particularly in the Steadfast Network,” the statement said.

“The new debt facility provides Steadfast Group with unutilised debt capacity of $315 million.

“This together with free cash are intended to be used to fund the previously announced Trapped Capital Project pipeline and other acquisitions in FY22.”