Kelly Partners Group has completed the acquisition of an unnamed regional Victorian accounting firm for an estimated price of $2.3 million for a controlling 50.01 per cent interest.
It brings to seven the number of firms recently acquired by Kelly Partners Group after it completed a string of acquisitions across the ACT, Victoria and NSW in 2021.
The group expects the purchase to add up to $4.7 million in additional revenue and be earnings accretive from the 2023 financial year. Combined with its other acquisitions, the firm expects to reap $15.2 million in additional revenue.
The ASX-listed company said the remainder of the Victorian operation would be retained by existing equity partners of the business under its Partner-Owner-Driver model.
“We are humbled to be chosen by this terrific group of partners in this 30-year-old leading firm located in regional Victoria,” the founder and chief executive of Kelly+Partners, Brett Kelly, said.
“The partnership confirms the attractiveness of the Kelly+Partners offer and our Partner-Owner-Driver model to owners of leading accounting firms.”
The acquisition will be finalised on 31 March 2022 pending satisfaction of conditions precedent and the business will continue to operate at its existing locations.
The acquisition means Kelly+Partners has 18 locations in Australia, and a second in Victoria.
Mr Kelly said the group was excited about its growth potential in the state.
“The Kelly+Partners business system continues to assist partners, their teams, clients and communities to be very much better off and we look forward to the positive impact we can make in regional Victoria,” he said.
Tony Zhang is a journalist at Accountants Daily, which is the leading source of news, strategy and educational content for professionals working in the accounting sector.
Since joining the Momentum Media team in 2020, Tony has written for a range of its publications including Lawyers Weekly, Adviser Innovation, ifa and SMSF Adviser. He has been full-time on Accountants Daily since September 2021.