WHK Group has expanded its advisory services with the acquisition of practices in Queensland and New Zealand.
The acquisition of William Buck Brisbane and West Yates in New Zealand, sees the WHK group expand to 21 member firms, with annualised revenue in excess of $400 million.
Funds under advice for the group are approaching $9 billion, cementing its position as the second largest independent provider of financial planning advice in Australia.
The acquisition of William Buck Brisbane sees the group add a practice with 13 partners, 110 staff and annual revenue of around $17 million.
Rebranded WHK Horwath, the central business district based practice offers financial planning, business advisory and chartered accounting services.
The firm's financial planning division has around $210 million funds under advice.
This transaction, which is expected to be effective from December 1, involves the payment of cash and the issue of 1.75 million WHK Group shares.
"The firm has an excellent reputation and standing in the Brisbane market, offering a wide range of services to the mid -tier public listed company, SME and high net worth markets, and covering a wide range of industry sectors, including resources, property, professional services, manufacturing, retail and distribution," WHK managing director Kevin White said.
WHK's second acquisition is that of West Yates an accounting firm based in Nelson on the South Island of New Zealand.
West Yates has annual revenue of around $5.8 million and the transaction involving a cash payment and the issue of 312,500 WHK Group shares should be completed by November 30.
The firm will be WHK Group's sixth stand-alone New Zealand firm and it's third on the South Island
"The firm is similar to other WHK Group regional member firms at the date of acquisition in terms of size, quality and market profile, and has excellent prospects for future growth," WHK managing director Kevin White said.
When completed, these transactions will increase total acquired revenue in the current financial year to approximately $31.6 million.
"As with other member firms, the intention is to support the further growth and development of the these two new member firms in their respective markets, both organically and by acquisition, including broadening the range of services offered in each case in line with WHK Group's total financial solutions strategy," White said.
