Steadfast has increased its holding in top-three New Zealand broker Rothbury Group and plans to acquire a majority position in upcoming transactions.

Outgoing chair Frank O’Halloran told the recent annual general meeting that Steadfast’s stake has increased to 49.1% and it has reached agreement to acquire a further 42.8% in two tranches in June next year and 2029.

Mr O’Halloran said Steadfast has continued its “disciplined approach” to acquiring broker and agency businesses, with the Rothbury transaction among its earnings-accretive investments.

In 2013 Steadfast acquired a 30% holding in Rothbury, which at the time was New Zealand’s fourth-largest brokerage. Its website now describes it as the third-largest.

Rothbury, which launched in 1950, served more than 53,000 clients over the past year, operating in 25 locations around New Zealand. It is led by MD Roger Abel.