DKN Financial Group has acquired a minority stake in Adelaide-based self-licensed financial planning firm, Tulare Financial Planners.
The undisclosed stake, which was finalised on August 23, marks the third minority equity stake acquired by DKN since the inception of an acquisition program in May last year.
DKN already holds minority investments in Queensland’s Quill Group Financial Planners and South Australian group Goldsborough Financial Services.
Established in 1974, Tulare Finan_cial Planners has about 2,000 clients, with total funds under management (FUM) of $110 mil_lion.
It is part of the Tulare Group, which includes Tulare Mortgage and Finance and Tulare Insurance Services.
The DKN stake is assisting Kym Cot_ter and Matthew Loveder to take over the business from John Rudajs, who wants to lessen his involvement after 32 years at the helm.
DKN will provide strategic advice and general support through its repre_sentation on the board of Tulare.
DKN chief execu_tive Phil Butter_worth said he was confident Cotter and Loveder “head up a quality team that will take this high-quality business forward to its next stage of develop_ment”.
“It will prove a successful invest_ment for DKN in terms of profit con_tribution and sup_port for DKN’s products and serv_ices.
Butterworth described the invest_ment as the “latest example of DKN assisting a planning firm that is looking for strategic support to address their suc_cession needs and growth opportuni_ties”.
“It further con_solidates DKN’s rep_utation in assisting financial planning practices with acquisition and suc_cession strategies outside institutional options.”
He said DKN’s strategy of “limiting its acquisitions in practices to a minor_ity equity stake fos_ters closer ties with planners”.
“It preserves their autonomy while providing access to capital, finance, strategic support and the services of DKN.”
