Australian financial services firm Fiducian Group has agreed to acquire another Sydney-based financial planning practice with $85m in funds under advice for a consideration of $2.4m in cash and some shares.
The deal will add an additional $85m to Fiducian Financial Services’ existing funds under advice, bringing the group’s total funds under advice to $1.71bn.
Go deeper with GlobalData
As part of the deal, the Sydney-based business will relocate to Fiducian premises.
Fiducian said the run rate EBITDA for the acquired business is $0.5 million pre-synergy.
The company added that it will not disclose the names of financial planners who join or sell their businesses and nor disclose the name of the dealer group from which the client base was bought.
Fiducian manager investment projects Jai Singh said: "The acquisition is positive for Fiducian and any ongoing revenue synergy will be additional and should continue to deliver excess returns to shareholders as realised."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
