Garrisons consolidator gears up for expansion

The Challenger owned Garrisons Accounting Group has set its long-term sights on building its current national annual revenue of $27 million up to $200 million.

Garrisons Accounting Group managing director Kym Weir told the general meeting of shareholders that the accounting and financial services company was aiming to expand its acquisitions and growth now that it had achieved a suitable platform with its first five acquisitions.

Recent acquisitions include accounting firms Alexander & Spencer, Calabro & Partners and Weir and Basedow in Melbourne, Brisbane and Adelaide respectively.

"The company seeks to build funds under management with a medium term objective measured as five times the accounting revenue base," Weir says.

He says the group will be looking to acquire more accounting groups with a minimum of $5 million in revenue and which generate per partner revenue of $0.8 million to $1 million.

"The practices will have been well established and have a client profile of high net worth individuals, and business and family groups that will benefit from the resources of the combined group," he says.

Weir says the consolidator group will help its member firms grow by leveraging off additional earnings from IT consulting and financial planning platforms.

The Garrisons Accounting Group name was officially sanctioned by shareholders at the meeting as the new name for what was previously David Garry Holdings.