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September 10, 2018

Evans Dixon acquires Fort Street Advisers

ASX-listed wealth manager Evans Dixon has acquired Sydney-based Fort Street Advisers in a cash-stock deal worth $53.9m.

The acquired entity, which launched as a corporate advisory firm in 2009, will be merged with Evans Dixon’s capital markets unit to launch a new division called Evans Dixon Corporate & Institutional.

Fort Street’s leadership team, including Richard Hunt, Ben Keeble, Steve Hawkins, Joel Denney and Ian Holmes, will assume key positions at the new division.

“The acquisition is expected to be accretive to Evans Dixon EPS on a pro forma full year basis excluding synergies,” Evans Dixon said in a statement.

The new corporate and institutional arm will include sub units, namely corporate advisory, markets and research.

In addition, Evans Dixon will also buy an additional 25% stake in joint venture firms Fort Street Real Estate Capital and Fort Street Real Estate Services. The deal will raise its stake in the businesses from the current 50% to 75%.

Under the agreement, Evans Dixon will hand over 14.3 million fully paid ordinary shares along with $23.4m in cash.

Evans Dixon executive chairman David Evans said: “Evans Dixon and Fort Street Advisers are highly complementary businesses.

“Each was founded and built on a cultural, ethical and professional platform of providing trusted advice in a highly client-centric service model. Each business has been driven by the expertise, commitment and the reputations of their key personnel.”

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