Tribeca continues to grow by acquisition

compliance SMSFs chief executive

10 November 2004
| By Craig Phillips |

Tribeca Learning has confirmed its bid to acquire the Strategist Group (TSG) after signing a heads of agreement with the self managed superannuation fund education firm ahead of concluding the deal later this month for an initial payment of $1.5 million.

Tribeca is undertaking due diligence on the business, which is projecting to generate sales revenue of $2.5 million this financial year.

The deal will be the second for Tribeca in less than a month after it announced the acquisition of tax training supplier Webb Martin last week.

“Over the last year it’s become quite apparent for TSG to go to the next stage and we either needed to do a capital raising or find a big brother,” TSG founder and chief executive Grant Abbott said.

The purchase consideration is to consist of a fixed base amount ($1.5 million) and a capped amount based on this year’s financial performance, with 25 per cent of the fixed amount to be financed through the issue of Tribeca ordinary shares.

“For us to go that next stage and offer deeper services, a lot more streamlined processes and better technology, particularly when we’re dealing with dealer groups, we needed to tap into a company that allowed us full access to make the best of bnoth worlds,” Abbott said.

The Strategist Group was established in 1996 with the release of a monthly paper on issues relating to SMSFs. Today it has six staff and offers a specialist education course, the ongoing education of SMSF specialists and compliance documentation to advisers in establishing and managing SMSFs

Abbott said he would now be able to focus once again “teaching, writing, leading and [helping] those guys who have had faith in investing resources in becoming self managed funds specialists”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 4 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

5 days 10 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 3 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 5 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

4 days 8 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

3 days 11 hours ago