Sequoia Financial Group has acquired Libertas Financial Planning, a financial advice dealer group.
Headquartered in Sydney, Libertas has around 70 authorised representatives.
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Libertas managing director Mark Euvrard will remain as Sequoia’s consultant for at least a year.
Euvrard stated: “Our business was highly sought after and I wanted to ensure our advisers will be a part of a quality organisation. I am very pleased to be working with Garry Crole and his strong support team and know this will provide a smooth handover of support services for each adviser.
“I am excited my planners will be a part of a larger, well-regarded licensee focussed on the provision of highly compliant advice to the Australians who need support and guidance.”
Sequoia expects the deal to be immediately EPS accretive.
The company will fund the deal using its existing liquidity.
It will also issue 1.5 million fully paid ordinary shares to the seller, with each share priced at 20 cents.
Sequoia CEO Garry Crole said: “Libertas will provide Sequoia with additional scale in financial advice with immediate financial benefit to the Group and is highly EPS accretive.
“We are actively recruiting financial advisers where they fit with our culture and client service objectives and are delighted to be working with the Libertas team.”
ASX-listed Sequoia offers a range of services covering investment, superannuation, wealth management, advisory, and capital markets.
