Investor Group has staked out a new claim on regional Victoria, picking up two practices with plans to combine them with a third in the same region, which was acquired by the group more than 12 months ago.
The two latest additions to the Investor Group fold are small practices Curtis and Thomas (C&T) in Stawell and Stewart Ruge and Walsh (SR&W) in Portland, both towns in Western Victoria. These two practices, which boast three and two partners respectively, will be combined with Archer Whitham, a firm in Hamilton acquired in July 2001.
These latest acquisitions in regional Australia follow on the tails of a number of acquisitions this year, including William Hatchman and Kean, Sanderson Blair, and Accumulus, all of which will operate under Investor Group’s Prescott brand.
Investor Group acquired Prescott itself in September 2001.
The company says the combination of the three western Victorian firms in an expanded regional operation is designed to enhance synergies and operational efficiencies between the three, as well as reducing administrative costs.
Another term of the deal will allow four of the Archer Witham principals to reacquire a portion of the firm’s accounting fees, worth $1.5 million, and withdraw from the new amalgamated group. Investor Group expects that after the reorganisation, the increase in revenue resulting from the purchase of C&T and SR&W will add $500,000 into the group’s coffers after the first full year.
C&T, established in 1961 and with an annual revenue of $1.1 million, is said to have a focus on tax consulting, business management advice and wealth building through financial planning and superannuation, with a client base of around 500 businesses.
The 56 year old SR&W partnership is Portland’s largest accounting firm and has 350 businesses on its books ranging from individuals and small businesses to large corporations and government bodies. It has $15 million under advice and an annual revenue of just under a $1 million, according to Investor Group.
