Future Super enters the default fund game with GuildSuper acquisition
Future Group has wasted no time spending its Series C funding, picking up Guild Super Services and its $2.8 billion in funds under management.
Future Super founder Simon Sheikh.
The Simon Holmes à Court-backed super fund disclosed the acquisition in its latest registered financial accounts as part of a goal to become a “significant, sustainable player in the superannuation industry”.
Guild Super is the super fund for the pharmacy, veterinary and allied health industries.
The deal is expected to be completed before the end of the calendar year and will increase its $10.67 billion funds under management and advice by more than 25 per cent and add over 100,000 members to its books. Future Group last had around 281,000 members in its super and insurance products.
“The acquisition will allow Future Group to move into the default channel with Guild named in three Fair Work Awards – Pharmacy, Children’s Services and Animal Care and Veterinary Services Awards,” Future Super said.
Future Group launched a $10 million Series C capital raise in June via E&P Corporate and Advisory and expanded the round to $15 million a month later. The raise was carried out at an implied post-money equity value of $243.8 million, a 174 per cent increase from the Series B equity raise.
Sources said a range of investors participated in the round, including follow-on investors, new institutions and high net-worth backers.
Future Super was founded by ex-GetUp activists including Simon Sheikh in 2014, who is currently the chief executive. It acquired smartMoney in FY22, adding $5.5 billion in FUMA and 195,000 members.
More to come
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