WHK acquires Horwath Brisbane
WHK Group is to acquire Brisbane-based accounting and financial services firm Horwath Brisbane in line with an ongoing acquisition strategy.
In terms of a ‘tuck in’ purchase agreement, core member firm WHK Horwath Brisbane will merge with Horwath Brisbane, which has funds under administration (FUA) of about $200 million and revenue of $8 million.
The merged firm, which will trade as WHK Horwath Brisbane, will have FUA of more than $400 million and annual revenue of about $25 million.
The acquisition, to become effective from July 1, this year, involves the payment of cash and the issue of approximately two million WHK Group shares.
WHK Group managing director Kevin White said the merger of the two firms, both presently trading under the Horwath brand, will remove any brand confusion in the Brisbane market.
The transaction will increase total acquired revenue this financial year to approximately $57.8 million, White added.
The acquisition of Horwath Brisbane follows the acquisition in January of a Mortgage Choice franchise in Sydney and Diamond Life Financial Services, a Toowoomba risk insurance business.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.