Profunda Vermögen GmbH signed as term sheet with the Zurich-based Arundel AG concerning a reverse merger of Arundel, IMMAC Holding AG and HKA Hanseatische Kapitalverwaltung AG that will be effective as of 29 March 2018.
This step clears the way for securing an intense growth stage for the group that combines with its market entry in the United States of America and the massive expansion of its institutional client business in Europe. The newly formed group will have a total of c. 10 billion euros in structured assets, and will operate branch offices in Zurich, London, New York City, Dallas, Dublin, Graz, Hamburg and Mauritius. In analogy to Hanseatische, Arundel is a regulated financial institution in its own right under the supervision of FINRA in the United States, the FCA in the UK, the Financial Services Commission of Mauritius and the Swiss Financial Market Supervisory Authority in Zurich. On the one hand, IMMAC will now be able to take advantage of the business relations and contacts in the fields of real estate and energy industry that Arundel built up over 30 years of doing business in the United States in order to develop its own public fund business and to offer new fund investment opportunities of outstanding quality to private investors. On the other hand, IMMAC and Hanseatische stand to benefit from the fact that the equity capital of institutional investors and family offices in the United States and Asia that is raised and managed by Arundel will be available for investments in European real estate. By combining the two advantages, IMMAC group and Hanseatische plan to start growing at an above-average pace in 2019. IMMAC group has maintained close and prospering ties with the senior executives of Arundel, Dr. Doraiswamy Srinivas, David Quint and Ralph Beney, for around 15 years.
Marcus H. Schiermann, Managing Director of Profunda Vermögen and in this role one of the partners of IMMAC group and Hanseatische, is supposed to join Arundel’s Board of Directors after the completion of the planned transaction so as to keep shaping the activities of the newly formed group of companies.
“The expansion of the IMMAC business lines in the United States and the takeover of some areas of the institutional business from Arudel by Hanseatische will cause no changes either on the level of the supervisory boards or management teams nor on the employee level within the framework of the planned transaction,” said Marcus H. Schiermann, Chairman of the Supervisory Board.
“The first US investment funds are expected to be initiated by DFV Deutsche Fondsvermögen GmbH, an IMMAC group company, before the end of this year. The first institutional funds are planned for 2019,” added Thomas F. Roth, Member of the Board of IMMAC and in charge of group sales.
The parties expect the full implementation of the transaction, including the required regulatory approvals, to be achieved by year-end 2018.