Argyle Partnership acquired
Specialist financial services law firm The Argyle Partnership has been acquired by Integrated Legal Holdings in the first of its east coast expansion since being publicly listed in 2007.
Argyle, which has offices in Sydney and Melbourne, has an annual fee income of approximately $6.5 million, 30 per cent of which comes from high growth financial services, wealth management, and superannuation and taxation markets. The firm specialises in these areas as well as high-net-wealth estate planning.
The acquisition is a strategic move for Perth-based Integrated and will be a significant revenue boost for the company, which reported $10.7 million over 10.5 months in 2007-08.
The acquisition involved payment of cash from surplus cash reserves and approximately 4.14 million Integrated shares, issued among Argyle partners at 14 cents each.
Integrated’s directors believe the transaction will enhance the company’s growth prospects and said in a statement that the “effect of the transaction will be materially positive in terms of earnings per share É The full revenue and profit impact of the acquisition will be achieved from the 2009-10 financial year.”
Argyle principals Peter Bobbin and Andrew Ireland will continue to manage Argyle, which will remain under the Argyle brand.
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