DKN Financial Group (DKN) has acquired a 32 per cent stake in accounting and financial planning companies BMG Partners and BMG Financial Planning.
Both practices are member firms of the DKN-owned dealer group Lonsdale Financial Group (Lonsdale).
It is the first equity investment DKN has made in its Lonsdale network since it merged with Lonsdale in November 2007, and the seventh equity investment it has undertaken since it launched its acquisition and succession strategy in May 2005.
"We look forward to increasing the number of Lonsdale practices we have equity in and will continue to back these practices, enabling them to build greater scale by acquiring further accounting and/or financial planning practices that will fit with their business," DKN chief executive Phil Butterworth said.
He said DKN was pleased to be involved with the BMG Group and to demonstrate the value DKN can offer to the Lonsdale dealer group network, as well as to its self-licensed network.
Based in the Victorian town of Wodonga, the BMG business joined the Lonsdale network in the late 1980s and is DKN's first regional investment.
Butterworth said DKN's acquisition and succession strategy filled a niche in the market for non-institutionally aligned advisers who had a need for succession funding or an equity partner, but who didn't want to sell to a major financial institution.
