Handling of the family’s multibillion-dollar trust in dispute
Bianca Rinehart, the daughter of the Australian mining magnate Gina Rinehart, has been given the go-ahead by a local court to sue her mother over her handling of the family’s multibillion-dollar trust. Bianca claims, among other things, that her mother’s company Hancock Prospecting failed to pay dividends worth $500 million to the trust. The trust is worth an estimated A$4 billion. Gina Rinehart argues she managed the trust appropriately and that her children’s claims were invalid. She has settled with another daughter, Hope, while her youngest child, Ginia, continues to support her over the dispute with the trust.
Family company successfully debuts on New York Stock Exchange
Shares in Canada Goose, the apparel company best known for its winter jackets, soared on their listing on the New York Exchange last week. The shares rose 26% to $16.08 after pricing at $12.78 a piece, above the anticipated range. The debut gives the company a market value of $1.7 billion. Founded in 1957 by Sam Tick, Canada Goose is still owned by his family and third generation Dani Reiss is president and CEO of the group. Bain Capital also owns a chunk of the business.
Australian-based VC group Square Peg Capital, which is backed by one of the country’s wealthiest families and has made some savvy investments in the past, has closed its debut fund with a record sum of money, according to reports. Square Peg is linked to the Melbourne-based Liberman family, one of the wealthiest in Australia. David Liberman set up Square Peg with Paul Bassat in 2012, who used to work for the family office of the Libermans, Jagen. Square Peg was an early investor in the ride-hailing app, Uber.
The London-based forestry and garden machinery distributor FR Jones & Son has been acquired by an investment consortium, which includes an unnamed family office. FR Jones is a second-generation family business founded in 1963.