Huljich family sell Pushpay stake for $320m to US investment firm
Tuesday, 23 March 2021
The wealthy Huljich family, who were early investors in digital donation firm Pushpay, have sold their 16 per cent stake to American investment firm Sixth Street Partners for $320 million.
Peter and Christopher Huljich’s investment vehicle sold 173 million shares in Pushpay for $1.85 a share, according to a statement to the NZX. That takes Sixth Street’s holding to almost 18 per cent, making it the firm’s largest investor.
Shares in Pushpay rose 10 per cent to $1.95 in mid-afternoon trading on Tuesday.
Founded in Auckland by Christians Chris Heaslip and Eliot Crowther, who felt awkward when they did not have any cash to make a donation in church one day, the digital payment platform for religious services is now the market leader in the United States, counting more than half of the top 100 churches among its customers. It turned the corner in 2019, when it posted its first profit, although it continues to reinvest its cash for growth rather than pay dividends.
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The Huljich family invested in Pushpay in 2013, ahead of its listing in 2014, and they began selling down their stake last year. In November, they stepped off the board, saying it was “a natural time to step away” following the appointment of new directors.
Pushpay chairman Graham Shaw thanked Peter and Christopher Huljich for their invaluable contribution and commitment to the business over the past seven years.
“We are extremely grateful for their support and wish them all the best with their future endeavours,” he said.
He welcomed Sixth Street as a cornerstone investor. The global investment firm has more than US$50 billion (NZ$70b) in assets under management and committed capital.
“As a highly experienced technology and growth investor with a core thematic focus on the convergence of software and payments, Sixth Street’s global scale and partnership-oriented investing approach brings considerable strength to Pushpay’s shareholder register,” Shaw said.