Challenger creates Garrisons Accounting Group
Challenger International's recently launched consolidator group, Garrisons Accounting Group, has purchased a further two accounting firms, bringing its current total to five
Garrisons Accounting has been created from David Garry Holdings, which Challenger purchased in September last year. The group purchased accounting groups Alexander & Spence in Melbourne, and Calabro Partners of Brisbane.
In early February Garrisons Accounting Group purchased its first three firms, Duesbury in Canberra, Wearne & Company in Sydney and McLachlan Hodge Mitchell in Adelaide.
Group managing director Kym Weir says the Garrison Accounting Group approach is to buy the firms in goodwill, leaving the partnerships intact with a 10 year management contract. He says the contract enables the firms to keep their independent styles and names.
"We are actively pursuing further accounting firm acquisition opportunities. We believe our business model is robust and very suitable for forward looking professional practices," Weir says.
"The profile that we are seeking is essentially based around well established five to 10 partner accounting firms, or larger, with revenues in the order of $5 million to $10 million."
Garrisons Accounting now has presence in Sydney, Melbourne, Canberra, Adelaide and Brisbane. Challenger became a major shareholder in the new group late last year.
Recommended for you
A Victorian accounting firm – in which Count holds a 40 per cent equity stake – has announced the acquisition of an accounting client book through a $1.4 million transaction.
Australian Ethical has reported its net profit after tax (NPAT) fell 15% to $9.6 million for the year ended 30 June, while its underlying profit after tax (UPAT) declined 7% compared with the year prior, to $10.3 million.
Insignia Financial has announced a 59% increase in its underlying net profit after tax (UNPAT) to $234.5 million in FY22.
Having completed their educational qualifications, those advisers who remain in the industry are reporting being “run off their feet” with new clients.
