WHK picks up big regional practice
WHK Group is continuing its regional expansion, announcing this week that it has reached in-principle agreement to acquire KPMG Albury as a standalone member firm.
The transaction, when completed, will see KPMG Albury and an affiliated financial planning business, Excel Financial Planning, acquired and consolidated.
Announcing the move, WHK said the acquisition would provide a strong regional presence in the Albury/Wodonga region, with scope for expansion across surrounding centres.
WHK said that on the accounting side, KPMG Albury had seven partners and around 80 staff and annual revenue of approximately $9 million.
It said that Excel was a specialist financial planning business with funds under advice of approximately $200 million and annual revenue of approximately $1 million. The business operates in close affiliation with KPMG Albury and from adjoining offices, having been part of that firm until it was separated from the accounting practice in July 1999.
WHK said that with annual revenue of $9 million, the firm was relatively large compared with other WHK Group regional member firms at the date of acquisition, but similar in market profile and future growth prospects.
WHK said the company would adopt the group’s WHK brand from the effective date.
AUTHOR
Mike Taylor
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