WHK acquires Horwath Brisbane
WHK Group is to acquire Brisbane-based accounting and financial services firm Horwath Brisbane in line with an ongoing acquisition strategy.
In terms of a ‘tuck in’ purchase agreement, core member firm WHK Horwath Brisbane will merge with Horwath Brisbane, which has funds under administration (FUA) of about $200 million and revenue of $8 million.
The merged firm, which will trade as WHK Horwath Brisbane, will have FUA of more than $400 million and annual revenue of about $25 million.
The acquisition, to become effective from July 1, this year, involves the payment of cash and the issue of approximately two million WHK Group shares.
WHK Group managing director Kevin White said the merger of the two firms, both presently trading under the Horwath brand, will remove any brand confusion in the Brisbane market.
The transaction will increase total acquired revenue this financial year to approximately $57.8 million, White added.
The acquisition of Horwath Brisbane follows the acquisition in January of a Mortgage Choice franchise in Sydney and Diamond Life Financial Services, a Toowoomba risk insurance business.
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