Listed financial services business WHK Group will undergo a further transition with the acquisition of another two firms and an internal merger.
WHK Horwath Sydney has acquired Queensland consulting firm EIS-One group, while WHK Armitage Downie has purchased the fee parcel of Judy O’Flynn Accountancy Services based in Victoria.
EIS-One has annual revenue of $2.1 million and operates predominantly on Australia’s eastern seaboard. The transaction is effective from 2 October 2007 and involved the payment of cash and the issue of about 240,000 WHK Group shares.
Judy O’Flynn Accountancy Services has annual revenue of about $300,000. The business will relocate to the existing Lilydale office of WHK Group member firm WHK Armitage Downie.
The transaction was completed with effect from 1 October 2007 and involved an all cash sale consideration.
As well as making further acquisitions, member firms WHK Day Neilson and WHK Mahoney Archer merged to form a business in western Victoria.
The new entity now has offices across the main regional centres of Geelong, Ocean Grove, Ballarat, Colac, Stawell, Hamilton, Warnambool and Portland.
The merged firm has annualised revenue of about $30 million and funds under advice of more than $750 million.
As part of the same merger arrangement, the WHK Horwath Melbourne and the WHK Day Neilson audit divisions in Melbourne and Geelong have combined under an internal re-organisation to form a single audit division within WHK Horwath Melbourne.
WHK Group now has 19 member firms, across Australia and New Zealand. The group also has a 30 per cent interest in a privately owned investment house, NEXT Financial Limited.
WHK Group’s total acquired revenue in the current financial year is approximately $6.30 million.
