Prime Financial Group (Prime) has taken a 50 per cent stake in advisory and accounting firms Strategic PBS (Strategic), based in Tasmania, and Rundles Chartered Accountants (Rundles), based in Victoria.
The listed financial services group said it planned to build additional revenue for both firms and grow their integrated financial advice model for clients.
The combined firms have more than 2,000 clients with assets of more than $100 million.
Prime also announced it will sell its 40 per cent stake in Garnaut Private Client Advisers (GPCA) to GPCA’s founder and chief executive Chris Garnaut.
Prime will make a $1 million profit on the sale and is receiving $7.5 million in cash.
Prime announced its acquisition plans in August. The group’s managing director and chief executive Simon Madder said Prime is in discussions with between 15 and 20 groups.
Madder said the group aimed to purchase up to a 50 per cent equity stake in its target businesses and typically sought an investment of not less than 20 per cent.
The majority of Prime’s investments are between 40 per cent and 50 per cent, he said.
Prime has investments in 44 financial services and advisory businesses nationally, combining more than 200 staff and 31 financial advisers.
