Tribeca continues to grow by acquisition
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”.
Recommended for you
The financial advice sector has benefited from a net rise of 11 advisers this week, according to Wealth Data, while AMP Group reports losses as several advisers open their own licensees.
Praemium has updated on the progress of its integration with platform OneVue, which it acquired from Iress earlier this year.
ASIC leadership has waded into the political debate about Qantas flight upgrades, confirming its executives hold membership of the Chairman’s Lounge but denying it affects their regulatory ability.
Perth advisory firm Capital Partners Private Wealth Advisers has announced a new managing director to take over from David Andrew as he steps down after 25 years.
