ASX-listed Sequoia Financial Group has agreed to buy InterPrac, an Australian financial and professional services business, for $12.83m.

InterPrac, which has 215 financial planners and $3bn in funds under advice, will retain its Melbourne base and operate under its existing brand following the acquisition.

“The business is highly complementary to a number of Sequoia’s current operating divisions and will add immediate scale, in particular to the SMSF Administration, Wealth Advisory and Investment Solutions divisions,” Sequoia said.

InterPrac managing director Garry Crole said: “What attracted us to this proposal was InterPrac’s ability to remain independent of institutional influence, whilst continuing to operate within a framework that delivers value for our Authorised Representatives and their clients.”

Crole and Interprac executive director Brent Jones will join the management team of Sequoia as part of the deal.

The deal is subject to regulatory and shareholder approvals. A formal agreement is expected to be signed by the end of July.

Sequoia managing director and CEO Scott Beeton added: “The proposed acquisition is of a business that is profitable, has growing revenue streams, a strong balance sheet and is a great opportunity and marks an important next step in our growth.”