Australian wealth management firm Prime Financial Group has agreed to increase its stake in Melbourne-based accounting and advisory firm MPR Group from 40% to about 93%.
The move represents Prime’s largest stake purchase in any one firm.
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The company raised its stake through the issue of new shares by MPR as well as purchase of existing shares from the accounting firm’s managing director Matthew Murphy.
Murphy will get $1.35m in cash, which will be paid over 12 months, as well as 13.5 million Prime shares, which will make Murphy a significant shareholder in Prime.
The shares will be escrowed, one-third for one year, one-third for two years and one-third for three years, Prime Financial said.
Murphy will continue to serve as managing director of MPR and will join Prime's leadership team, responsible for supporting the growth in Prime’s Accounting Firm investments.
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By GlobalDataPrime managing director and CEO Simon Madder said: “MPR is a key partner and investment for Prime and Matthew is an integral part of that business and its future growth ambitions.
“With the injection of capital into MPR we have a growth target for double-digit revenue growth in the coming years.”
Prime first invested in MPR in July 2014, acquiring 10% equity.
Prime’s ongoing equity interest in MPR will differ based on acquisition activity and the funding mechanisms utilised, Madder added.
