Investment Bank Acquires Dun & Bradstreet Australia and New Zealand

Carnegie Wylie & Company (CWC) has acquired a majority shareholding in Dun & Bradstreet Australia and New Zealand (DBA), in a move which marks out a broader financial services role for the investment banking and corporate advisory firm.

CWC has acquired an approximate 90% stake in the business with the senior management team of DBA retaining a 10% holding. Senior management, including CEO Christine Christian, will continue in their roles.

D&B Australia and New Zealand is the region’s market leader in business intelligence, credit reporting and collections.

<!–PAGEBREAK–>

CWC has acquired its shareholding in the business from AMP Capital Investors who backed a buy-out by the D&B Australia and New Zealand management team from the D&B Corporation in 2001.

Under AMP Capital Investors’ ownership, D&B Australia and New Zealand strengthened its position as the dominant player in the business intelligence, commercial credit reporting and collections industry. During this time DBA also launched a consumer credit bureau creating competition in that sector for the first time.

As a result of these initiatives DBA has produced strong underlying financial performance including EBIT growth of 30%.

CWC Principal Mark Carnegie believes the investment in DBA brings together two companies with similar cultures creating synergies for both. Clients in particular will benefit from this further diversification of the CWC business.

"This acquisition adds to our ongoing diversification and offers further client based services to CWC. We look forward to introducing D&B Australia and New Zealand to our clients. There is a real cultural symmetry with Christine and her team."

D&B Australia and New Zealand CEO Christine Christian believes the CWC acquisition will allow the company to continue its strong growth from the foundations established over the last five years.

"The partnership between D&B management and AMP Capital has been extremely important in making D&B Australia and New Zealand a high growth story over the last six years. Our continued leadership in commercial credit reporting, risk assessment and collections and our successful move into consumer credit reporting demonstrates the value that has been created for both the DBA business and AMP Capital as our major shareholder," said Ms Christian.

"Now with Carnegie Wylie and Company investing in the business we have a renewed mandate to further lead and challenge the industry. We believe the experience and knowledge CWC will bring to the business places DBA in an excellent position to take us to the next level."

AMP Capital Investors Head of Private Equity Greg Smith said: "We are delighted with the outcome of this investment. The restructuring and reinvestment undertaken with the DBA management team has substantially improved DBA’s profitability and growth profile. It is now the right time to transition the ownership of DBA and crystallise a substantial return for our investors."

The transaction has also seen D&B International, who retained a 2% interest in the Australian and New Zealand business following the MBO of 2001, exit the shareholder register. However D&B Australia and New Zealand will continue as a member of the D&B Worldwide Network.

"We believe that the D&B Australia and New Zealand management team have been excellent custodians of the D&B brand the region and we look forward to DBA remaining a vital partner within our D&B Worldwide Network," said Jim Howland, President – D&B International.

Our ongoing relationship will allow Australian and New Zealand customers to continue to access the world’s strongest commercial database of 113 million companies while providing our global customers with the ability to continue access quality Australian and New Zealand analysis."

The transaction was completed on Wednesday 4 April 2007. The sale has not resulted in the break-up or sell-off of any the business units and there is no reduction in staff numbers. Macquarie Bank has retained its 49% shareholding in the D&B Consumer Credit Bureau which was established in 2004 as a joint venture between DBA and Macquarie Bank.

The terms of the transaction will not be disclosed.