Tribeca picks up ICAA training provider
The buying spree at Tribeca Learning continues with the group announcing its third acquisition this month, entering into a heads of agreement to acquire Institute of Chartered Accountants in Australia (ICAA) training provider Monroe Topple and Associates (MTA).
Tribeca will pay a guaranteed base amount of $1.5million in cash on completion of the deal as well as a performance amount based on MTA’s current financial year performance.
MTA offers support kits for each of the education modules of the chartered accountants program.
Tribeca chief executive Adam Davis said the group has launched a shareholder share purchase plan to provide funding for further business acquisitions.
Existing management of the acquired businesses will remain in place for up to a further four years, with Davis expecting the purchases to add significant value to the Tribeca business.
“We expect these acquisitions to deliver an earnings per share uplift of approximately 50 per cent after allowing for the share issue,” Davis said.
“Revenue growth within the acquired businesses will be driven primarily through integration and cross promotion within other Tribeca group operators,” he added.
On November 9 Tribeca announced its intention to acquire The Strategist Group, a self managed superannuation fund education firm also for an initial consideration of $1.5 million.
This announcement followed the November 4 deal to pick up tax training supplier Webb Martin for an initial payment of $4.5 million and a capped performance amount to be based on Webb Martin’s financial results for fiscal years 2005 and 2006.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
