Centric plans for risk acquisitions
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Centric Wealth is looking to acquire several risk insurance businesses throughout the country as it seeks to diversify its revenue.
Chief executive Michael Pillemer said the company was looking to boost its risk adviser representation in Brisbane, Canberra, and Melbourne by acquiring risk businesses in each city over the next 12 months.
Pillemer said because Centric has a significant financial planning business in Brisbane and Canberra, and a significant accounting business in Melbourne, it was looking to essentially acquire one risk business for each city branch, with one or two risk advisers to each business.
The company currently has eight risk advisers, but none of them were in Canberra, Pillemer said.
Pillemer also said the company was reviewing and consolidating its back-office systems in light of the current market performance.
Centric secured a three and half-year extension of its $45 million debt with Westpac Bank in February this year, and negotiated an $80 million share placement deal with CHAMP Private Equity in late 2008 to pay off the shareholders of interest-bearing securities.
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