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03/2026100%LBO

Perpetual Wealth Management acquired by Bain Capital

AUSTRALIA Wealth & Asset Management EV AUD 500M–1.5bn

Context

Bain Capital has agreed to acquire the wealth management division of the ASX-listed Perpetual Group. The deal structure includes potential performance-linked adjustments before completion and an additional AU$50 million earn-out tied to post-closing performance. The strategic rationale for the carve-out is to allow Perpetual Group to simplify its corporate structure and focus on its core asset management and corporate trust businesses. Under Bain Capital’s ownership, the business will be led by Executive Chair Geoff Lloyd (former Perpetual Group CEO). The new owners plan to invest heavily in technology and systems to modernize the platform, while pursuing a consolidation strategy in the fragmented Australian wealth management sector.

The acquisition of Perpetual Wealth Management is part of the growth strategy of Bain Capital, which already has several external growth operations under its belt, notably Softway Medical in 2025.

Perpetual Wealth Management, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.

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Target

Founded over 135 years ago, Perpetual Wealth Management is a premier Australian financial advisory and trustee services provider. Its business model focuses on high-net-worth (HNW) individuals, not-for-profits, and private businesses, operating through a portfolio of specialized brands including Perpetual Private, Fordham, Jacaranda Financial Planning, and Priority Life. The company’s value proposition is built on deep client relationships and a significant base of non-discretionary trust funds, providing a defensive and stable revenue stream. Strategically, the firm manages AU$21.9 billion in Funds under Advice (FUA) as of late 2025. By providing comprehensive wealth engineering, tax advisory, and intergenerational transfer services, it maintains a dominant position in the highly regulated Australian financial advice landscape.

Ent. Value

AUD 500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

5x–12x

EV / EBIT

5x–12x

Historical Financials (AUD)

Year
Rev
EBITDA
EBIT
2025
AUD 150–250M
AUD 50–100M
AUD 50–100M
2024
AUD 150–250M
AUD 50–100M
AUD 50–100M

Other operations with Bain Capital

Other operations with Bain Capital
DateAcquirerTargetCountrySector
06/2026BAIN CAPITALFINETODAYJAPANHygiene & Beauty Brands
04/2026BAIN CAPITALPOSITEC GROUPCHINAHome & DIY
03/20263M / BAIN CAPITALMADISON FIRE & RESCUEUNITED STATESSafety & Security
03/2026BAIN CAPITALTINGSTADSWEDENHospitality Supplies
12/2025BAIN CAPITAL / MUBADALASERVICE LOGICUNITED STATESHVAC
05/2025BAIN CAPITALSOFTWAY MEDICALFRANCEHealthcare
04/2025BAIN CAPITALHEALTHEDGEUNITED STATESIndustry-Specific Software
03/2025BAIN CAPITALNAMIRIALITALYIndustry-Specific Software
02/2025BAIN CAPITALAPLEONAGERMANYHVAC
01/2025BAIN CAPITALFRONTLINE ROAD SAFETYUNITED STATESRoads

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REFERENCES

Valuation range: EV AUD 500M–1.5bn

Revenue range: AUD 150–250M

EBITDA range: AUD 50–100M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 5x - 12x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Perpetual Wealth Management by Bain Capital are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Bain Capital’s acquisition of 100% of Perpetual Wealth Management, an Australian company specialised in Wealth & Asset Management, in 2026, structured as a leveraged buyout (LBO).

How was the acquisition of Perpetual Wealth Management by Bain Capital valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the AUD 500M–1.5bn band, its EV/EBITDA multiple within the 5x - 12x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Perpetual Wealth Management’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Perpetual Wealth Management generated annual revenue estimated in the AUD 150–250M range and EBITDA in the AUD 50–100M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is supported by three corroborating sources: an official corporate announcement published by the parties, independent reporting from specialized financial publications, as well as a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

What is mynth?

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