TribecaCorporation, the owners of financial planning education and training providerIntegratec, has purchased theInvestment Training College(ITC) set up by industry pioneers Gwen Fletcher and John Green.
ITC is a registered training organisation delivering the Diploma of Financial Services (Financial Planning) as well as entry-level courses for advisers and their support staff and customised training for businesses.
Tribeca managing director Adam Davis says the name ITC will be used to co-brand Integratec’s education division, as the name has been in the marketplace for 15 years and has a strong reputation.
Davis says there will be some changes within the Integratec courses and structure, as elements of the ITC stable, particularly its tailored business training expertise, are incorporated within the business.
He says the process of integration should be fairly streamlined and completed within a month.
“The acquisition further consolidates and strengthens Integratec’s leading position in the independent financial services education marketplace,” Davis says.
As ITC’s annual sales revenue is just $300,000, the acquisition will not greatly increase Tribeca’s earnings, but Davis says the potential profit is still worth adding to the company’s balance sheet.
Two key staff members of ITC will remain with the business, with former director John Green working to manage course facilitation within Integratec and Sue Hamparsum taking on a marketing role.
ITC presently services organisations includingTower Life,Challenger International,HSBC Bank,NRMA Financial ServicesandPerpetual Investments.
The deal will result in ITC’s previous owners, financial planning group Lowell Flinders, receiving one million ordinary fully paid shares in Tribeca and a cash payment of $200,000 subject to settlement adjustments.
Tribeca says that if current revenues are maintained, the purchase price would be equal to a post integration earnings multiple of between two and three.
