There's money in asking for charitable donations, but Australia's Ive Group is moving out of it, with a $16.5 million deal to divest the former Pareto Phone business.
Heatset printer Ive has signed a binding agreement to unload its Telefundraising business - formerly Pareto Phone - to an entity associated with Merchant Place Investments, with completion due on October 30.
Ive Telefundraising makes more than a million outbound calls a year for its charity clients, making it the country's largest such business. Post completion it will revert to the Pareto Phone brand, operating as a standalone business with 150 staff in Brisbane's Fortitude Valley.
Chief executive Keith Elliott said the business had gone "from strength to strength" under Ive's ownership over five years, continuing to refine and innovate its data-driven offer.
Merchant Place Investments - which is owned by principals Nick Batchelor, Nick Mole and Tom Mould - says it and its family office investment partners are "long term equity investors sharing a keen personal interest in the charitable sector".
It invests in businesses which "consistently generate strong cash flows for their owners - enduringly profitable businesses".
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