Australia-based Easton Investments has agreed to acquire majority interest in GPS IP Group Holdings, parent of GPS Wealth, from its majority shareholders in a deal worth $20m.
GPS, which has offices in Sydney, Brisbane and Noosa, offers financial planning, risk insurance, finance broking, superannuation and wealth management services.
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The firm currently has funds under advice of more than $1.7bn, 82 practices across Australia, 123 authorised representatives, and 182 limited authorised representatives.
The consideration for the acquisition includes 50% cash and 50% Easton Shares.
Easton expects the deal to offer a “significant up-lift in earnings” and said that it will be complementary to its existing operations, including Merit Wealth.
“GPS and Merit Wealth in particular are both well placed to continue to grow organically in the wealth management sector. At the same time, both businesses offer strong cross-sell referral opportunities to other Easton businesses, as well as the potential to leverage other service lines in the financial services sector,” Easton said in a statement.
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By GlobalDataAltogether, GPS and Merit Wealth will have around 150 authorised representatives, over 400 limited authorised accountants, and over $3.4bn in funds under advice.
GPS managing director Grahame Evans will spearhead Easton’s wealth management business and join the board of Easton as an executive director as part of the deal.
The deal is expected to take effect in August, subject to shareholder approval.
At the same time, Easton has also made a proposal to purchase the remaining GPS shares from minority shareholders.
