WHK Group (WHK) has denied its spending spree on accounting firms is part of a plan to take over major players in the accounting space, despite confirming it will continue acquisitions in the next 12 to 18 months.
WHK chief executive Graeme Fowler said the group's steady purchase of accounting firms was in no way an indication the group was looking to take over larger accounting firms.
"No, there are no plans from us. It's going to be more of the same," Fowler said.
In the past 12 months, WHK has acquired 22 accounting firms from within Australia and New Zealand. The plan is to cap this number at 25.
Late yesterday, WHK announced its member firm, WHK Thomsons had acquired South Australian accounting business MSI Tilley Murphy Hughes.
As with WHK's previous acquisitions, Fowler said the South Australian group would be merged with the WHK Thomsons group. The business has annual revenue of about $650,000.
The group also announced it had finalised the purchase of Krochmalik & Hurwitz, Ward Wilson, and Taylor McLachlan.
Late last week, WHK announced it had raised $50 million through an institutional share placement.
Fowler said the group would use the money to pay bank debt.
"At this stage there are no transactions that we're looking at. We do expect plenty of more acquisitions over next 12 to 18 months," Fowler said.
