Prime Financial Group (Prime) has increased its interest in the accounting and advisory market with a 35 per cent investment in Pacifica Chartered Accountants (Pacifica).
Prime's investment will be funded using existing finance facilities, and includes the option to purchase a further 15 per cent equity in the business.
The Queensland-based Pacifica is Prime's fifth investment in the accounting and advisory industry. The group invested in West Australian based Ord Group on 28 March 2007.
Prime's accounting and advisory firm investments now extend throughout Australia, including Melbourne, Sydney, Brisbane and Perth.
The investment in Pacifica is in accordance with Prime's strategy of investing in financial services and advisory business with the opportunity for growth.
Pacifica generates about $4 million in revenue from accounting and advisory services. The investment will be earnings per share accretive and will contribute to Prime's earnings for the full 2008 financial year.
Prime has more than 180 staff employed across the group, 40 licensed advisers and an existing client base of $3 billion of funds under advice, including more than $1.65 billion of funds under management.
