Forsyth Barr judged best NZ investment bank for a second year

The year's best deal was Bapcor's takeover of Hellaby Holdings.

Forsyth Barr has been named best investment bank in New Zealand for a second year by Hong Kong-based publisher FinanceAsia.

“We’re feeling pretty chuffed about that,” says Forsyth Barr’s head of investment banking Guy Williams.

Forsyth Barr ranked first in debt issues in the 11 months ended November at nearly $NZ1.1 billion, with Westpac in second place at $NZ893,000, as well as first in equity raisings at USZ$444 million with First NZ Capital the runner up on $US184 million.

Forsyth Barr was also involved in FinanceAsia’s best deal of the year, Australia-based Bapcor’s takeover of Hellaby Holdings because it was the financial adviser to Hellaby.

Since Bapcor’s takeover succeeded, one might say Forsyth Barr was on the losing side but Mr Williams says Hellaby’s board managed to push Bapcor to raise its offer price by 30c to $3.60 per share or $325 million.

Hellaby’s largest shareholder, Hugh Green’s estate, had accepted the original offer of $3.30 per share.

Mr Williams says FinanceAsia doesn’t give any reasons for choosing that as its deal of the year but “I guess they saw it as being large, hostile, lots of twists and turns – it was an exciting, high profile transaction.”

Forsyth Barr ranked second in mergers and acquisitions at $US372 million behind Cameron/Rothschild on $US541 million but that league table only counts completed transactions.

Forsyth Barr was also adviser to Abano Healthcare on the attempted partial takeover by its dissident major shareholder, Healthcare Partners.

That attempt failed miserably and Healthcare Partners has since sold its 19% stake in Abano.