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
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.