Plan Protect acquires planning business
Authorised representatives of AXA Financial Planning, Plan Protect, has announced the acquisition of financial planning firm Bearsden Holdings.
Bearsden will be fully integrated into Plan Protect’s Frenchs Forest location, but will maintain its CBD offices to provide greater convenience to clients.
The firm that handled the sale, Miles Pty Limited’s vice-president Dean Garvey said the acquisition had garnered much attention from industry players and private investors.
“With the downturn in the market we were concerned that multiples would contract, however, we had a number of bidders in excess of 3.5 times recurring revenue. This proves that well run financial planning practices are still highly attractive in today’s market,” he said.
Bearsden provides planning advice to approximately 150 family clients and has over $130 million in funds under management.
The deal will be the largest ever in New South Wales by an authorised representative of AXA.
AUTHOR
George Liondis
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