Tolhurst yesterday acquired InterFinancial Holdings, beefing up the group's investment banking and corporate advisory division.

Tolhurst will now look to boost its wealth management capability, with an eye to adding further planning resources, Tolhurst head of wealth management Dr John Harte said.

According to Harte, any new purchase has to fit into the group's current acquisition strategy.

"It's about diversity and about acquiring businesses that add revenue and profit in their first year," Harte said.

The acquisition means that Tolhurst's investment banking division now has operations in Sydney, Brisbane, Melbourne, Perth and Adelaide.

"It neatly fits in with our existing structure, as we gain capabilities in resources and agribusiness, while adding to our abilities, mergers and acquisitions, capital raising and strategic advice," Harte said.
 
According to Harte the acquisition is expected to be earnings per share accretive in the first year.

InterFinancial concentrates its business on small to mid-sized organisations in the ASX-listed, unlisted and public sectors.

In the last five years InterFinancial has managed M&A transactions worth more than $4.5 billion and equity capital raisings exceeding $360 million.

Current non-executive chairman of InterFinancial, Greg Bundy, has been invited to join the Tolhurst Board once the deal is finalised.

The transaction, which is subject to confirmatory due diligence and shareholder approval, is expected to be completed by July 1.