Investor Group merges acquired practice

By Craig Phillips

InvestorGroupwill aim to roll out its risk insurance, finance broking and superannuation advice service offerings to clients of Sydney-based Greenwood BKT after announcing last week its acquisition of the tax accounting firm.

The parties have reached an in-principle agreement for Greenwood to be acquired and merged with existing Investor Group member firm Williams Hatchman and Kean (WHK), with the sale expected to reach completion by April.

The deal will create a number of synergies for the group, according to Investor Group managing director Kevin White.

“It’s a positive move all round as both the Sydney businesses will gain worthwhile synergy benefits. Greenwood’s existing client base will have access to an expanded range of services and the wider group will be able to utilise Greenwood’s acknowledged taxation expertise,” White says.

Specifically, the group says the biggest benefits are likely to be derived from the provision of additional services to Greenwood’s client base.

The combined entity will have 19 principals and around 180 staff, with an annual income in the first full year of operation expected to exceed $27 million.

“The transaction is consistent with Investor Group’s growth strategy of supporting the expansion of core member firms into major businesses having a competitive advantage through the strength, scope and scale of our national operations,” White says.