Australian law firm ILH Group has expanded into the country’s wealth management space by acquiring corporate advisory and wealth management firm Capricorn Investment Partners (CIPL) and financial planning firm The Pentad Group.
ILH proposes to acquire 100% of the shares in CIPL, and the business and assets of Pentad, for an initial consideration of $9.25 million.
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The initial consideration will be satisfied by the proposed issue of 52.7 million ILH shares at 9 cents per share and the payment of $4.51 million in cash. In addition, deferred consideration of up to $5 million is payable over a two year period in scrip and cash.
The deal supports ILH’s strategy to grow a limited number of high quality member firms, with strong, focused market positions and long term client relationships, into significant and highly profitable businesses.
CIPL , which has $447 million in funds under advice will have annual revenues of more than $5.8 million and provide ILH group with an additional platform for further growth and development, and access to new industries and clients in the Australasian market.
The deal is due to complete in September 2013.
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