Snowball expands in gloomy economy
Snowball Group has defied a gloomy economic outlook for 2009, acquiring a Brisbane-based financial planning business, Money Mentors. Money Mentors has approximately $80 million in funds under advice. The acquisition will contribute more than $400,000 in the first year.
“Money Mentors completes our presence on the east coast and provides servicing capability for Outlook’s key accounts in Brisbane as well as creating opportunities for new growth through Money Mentor’s quality referral base,” said chief operating officer Carl Scarcella.
There are also plans to acquire a corporate superannuation business in Adelaide in the first quarter of 2009.
Scarcella said the planned acquisition would secure sustainable growth and diversify Money Mentors’ revenue. It will add $100 million to funds under advice.
“Snowball has a number of further acquisition opportunities in the pipeline and we will continue to pursue our proven acquisition strategy of buying quality businesses that are earnings accretive, culturally and operationally aligned and fairly priced,” he said.
Recommended for you
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end, with one bidder opting to pull out.
The corporate regulator has cancelled the AFSL of a Queensland-based financial services provider, having held the licence since mid-2016.
The financial advice industry has reacted to the appointment of Dr Daniel Mulino as the new Minister for Financial Services, with hopes for improvements in legislation and education standards.
With less than one-third of Australian business owners seeing an adviser, Business Health has detailed how advice practices can successfully target this underserved client segment.
