Tribeca buys Resnik Communications for $3.5 million
Tribeca Corporation has acquiredResnik Communicationsfor $3.5 million, in a bid to expand its growing professional services operations.
Under the terms of the deal, Tribeca will pay a purchase price based on a multiple of 3.25 times the audited earnings before interest and tax (EBIT) for the 2003 and 2004 financial years respectively, subject to the maximum purchase price of $3.5 million. An initial payment of $1.75 million will be paid on the deals completion. Tribeca has also said in order for the parties to achieve the maximum purchase price, Resnik Communications must generate an EBIT of at least $1.075 million in each of the 2003 and 2004 financial years.
Resnik Communications is the fourth acquisition Tribeca has completed since entering the financial services industry in September 2000, and extends the existing continuing development programs (CPD) offering of its successfulIntegratecsubsidiary.
Tribeca managing director Adam Davis says Resnik Communications is a natural addition to Tribeca's existing businesses. Davis says the group provides Tribeca with access to the independent financial adviser market, which represents a productive distribution channel for Integratec's current products and services.
Resnik Communications founder Paul Resnik says he is confident Tribeca will provide his group with access to additional seminar delegates and capital to develop new revenue streams.
Since September 2000, Tribeca has purchased the Paraplanning Professionals, compliance business THP Services andIntegraTec Training.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.
