Investor Group picks up two more practices
Investor Group has purchased the Cressey Lynch accounting and financial planning businesses.
Investor Group has purchased the Cressey Lynch accounting and financial planning businesses.
The acquisition extends Investor Group's number of member accountancy firms to nine and fur-ther expands the company's distribution base.
Cressey Lynch is the largest independent firm of accountants on Queensland's Gold Coast. The firm operates a rapidly growing stand-alone financial planning business with more than $40 mil-lion funds under advice.
Investor Group says both the accountancy and financial planning businesses are considered to have substantial scope and potential for continued strong growth.
Under the purchase arrangement, which is subject to a number of conditions, including due dili-gence and legal documentation, about 800,000 Investor Group shares will be issued to Cressey Lynch principals. Investor Group has also made two new executive appointments.
Tim Townsend has been appointed to head-up the financial services division of Investor Group while Warren Howe has been appointed to head-up the business services division.
The company also announced today two acquisitions by member firms of smaller regional ac-countancy practices.
One of the acquisition relates to the Lismore-based accountancy and financial planning business Conway & Company which has reached principle agreement to merge with the Rutherfords firm.
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