Menninger Capital advises SOLAS Ltd on Merger of Equals
Townsville, QLD, Australia 15 June 2016 – Menninger Capital is advising Supported Options in Lifestyle and Access Services Ltd (SOLAS) on a Merger of Equals with fellow Not-For-Profit organisation Mental Illness Fellowship of North Queensland Inc (MIFNQ).
Yesterday, SOLAS and MIFNQ have announced their intent to merge to all staff and associates. The Merger of Equals is of strategic significance as it positions a merged SOLAS and MIFNQ to be a leader in the field of mental health and wellbeing.
Roxanne Grey, Acting General Manager of SOLAS, said, “Supported Options in Lifestyle and Access Services Ltd (SOLAS) and Mental Illness Fellowship North Queensland Inc (MIFNQ) have worked together collaboratively to provide quality community mental health services to the communities of northern and western Queensland for years. The values and vision of both organisations align beautifully. This, along with the significant changes our sector is undergoing, represents a terrific opportunity for us to join together.”
Jeremy Audas, Chief Executive Officer of MIFNQ, said, “The opportunity to further develop our close relationship with SOLAS arose many months ago through informal discussions by the CEOs about how to thrive in a challenging environment. Merging our organisations into a new entity will enable both to fulfil their vision and mission while strengthening our financial position and creating more opportunities to deliver better services to more people.”
Upon completion, given the scale of both operations, the Merger of Equals is expected to significantly strengthen both organisations as a whole. This Merger of Equals still requires significant work to bring it to life and completion is due in the second half of 2016.
SOLAS (Supported Options in Lifestyle and Access Services Limited) was officially incorporated on the 5th February 1996. In 2014 the incorporation moved to a different structure, being a company limited by guarantee. SOLAS employs more than 100 people across northern and western Queensland to carry out a variety of mental health and wellbeing services.
Mental Illness Fellowship of North Queensland Inc., (formerly known as Schizophrenia Fellowship of North Queensland Inc) was formed by and for people who experienced mental illness and their families in 1986. In 2001, the organisation changed its name to Mental Illness Fellowship of North Queensland Inc.
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