Ironbark lands $255.9 million from Merchant Wealth Partners to continue its growth

International capital continues to percolate the advice profession as Merchant Wealth Partners, a provider of strategic capital to financial services firms, announces it will invest $255.9 million in Ironbark Financial Group.

The deal is Merchant’s largest investment outside the US market. Merchant joins Washington H. Soul Pattinson, management, employees and other shareholders on the Ironbark register. The capital is earmarked for the group’s Australian growth strategy and future expansion.

Chris Larsen is managing director and executive chair of Ironbark Financial Group. He sees the partnership as recognition of what the business has built since it was founded in 2009.

“This partnership is a powerful endorsement of our business and our people. It gives us the long-term strategic backing to meet our ambition to become Australia’s trusted financial partner.”

The platform

Ironbark has more than $97 billion in funds under advice, management and trusteeship as at 30 June 2026, spread across three businesses. Ironbark Advice employs more than 125 advisers across 35 locations in Queensland, New South Wales, Victoria, Tasmania, South Australia and the ACT. It covers financial advice, lending, wealth protection, accounting and aged care. High-net-worth clients and their families are served through Ironbark Private Wealth.

The third arm, Ironbark Investment Solutions, runs a funds management business that partners with global investment managers. Alongside it sits a corporate trustee business. That business builds tailored funds and managed accounts with wealth advisory firms, investment consultants and managers.

Merchant Wealth Partners provides growth capital and strategic guidance to independent financial services companies, predominantly in wealth and asset management. Its ecosystem spans more than 125 partner firms and practices in six countries. Collectively, those firms manage more than US$300 billion.

“Ironbark has built a differentiated financial services platform of significant scale, with an outstanding leadership team and a clear vision for the future,” says Marc Spilker, executive chairman of Merchant Wealth Partners.

“We look forward to working alongside Chris and the leadership team to build on that foundation and support the next stage of the firm’s growth.”

Patient capital

Larsen places cultural and strategic alignment at the centre of the choice of partner, pointing to Merchant’s credentials as a long-term, patient investor with global expertise and a shared commitment to supporting founder-led businesses.

“We wanted a shareholder with the desire to collaborate with entrepreneurial founder-led firms, similar to our long-standing relationship with Soul Patts.”

Soul Patts has backed Ironbark for close to a decade. It has welcomed the new investor. It will work alongside both Ironbark and Merchant on the group’s strategic goals.

“Merchant’s ecosystem gives Ironbark access to deeper expertise that will broaden its client offering. Soul Patts remains a committed, long-term partner as Ironbark enters its next stage of growth,” says David Scammell, managing director, principal investments at Soul Patts.

Beyond the capital itself, Larsen points to the global capabilities Merchant brings across wealth management, AI, technology and operations. These are perhaps the areas where an international shareholder can add the most, as technology increasingly shapes the client experience.

Leadership depth

The investment follows a reshaping of Ironbark’s senior team. Larsen was appointed managing director and executive chair, and Justin Greiner was appointed group chief executive officer.

The founding partners remain in senior executive roles. Brendan Carpenter continues as chief operating officer, executive director and deputy chair. Alex Donald serves as chief executive officer of Ironbark Investment Solutions. David Stephen holds the role of executive director, strategy and growth.

Steve Fort, chief executive officer of Ironbark Advice, and Jason Harwood, chief executive officer of Ironbark Private Wealth, now report to the group CEO.

The structure adds depth to the leadership bench while preserving the founder-led vision behind the group’s success. Greiner is clear about where the new capital goes.

“This investment gives us the capital to execute our Australian growth strategy, create liquidity for shareholders and actively pursue a strong pipeline of strategic acquisitions, making us a partner of choice for businesses looking to be part of our next phase of growth,” Greiner says.

The transaction remains subject to customary regulatory approvals, including from the Foreign Investment Review Board and the Australian Competition and Consumer Commission.