Sequoia buys Castle businesses
Sequoia Financial Group has acquired for $3.15 million the businesses of Castle Corporate and Castle Legal, which provide accountants, financial advisers and lawyers comprehensive advice relating to new and existing firms, trusts and self-managed super funds.
In the announcement made to the Australian Securities Exchange (ASX) earlier this week the company said that Castle was a “logical and germane fit with Sequoia’s other legal document entities”.
The purchase consideration will be paid in cash and shares over a period of two years, post completion, with an acquisition expected to boost the EBITDA of the Professional Services division by $800,000 per annum.
Under the terms of the deal, all of Castle’s employees will join Sequoia as part of the acquisition while Sequoia will remain “dedicated to maintaining a supportive and collaborative work environment, fostering the continued development of its expanded team”.
“The acquisition of the Castle businesses aligns with Sequoia Financial Group’s strategic vision of providing an extensive range of services to accountants, financial advisers, AFSL holders and lawyers,” the firm said in the announcement.
“Our services offerings deliver solutions to those who appreciate the value and timeless of products, services and advice acquired through scale and technology platforms.”
The target completion date of the acquisition is 31 July, 2023.
If CSLR is the ‘last resort’ please tell us ASIC what measures have been taken before you hit innocent advisers…
ASIC, So who do you think are going to pay your $200m in fines when this lot can’t even pay…
When, oh when, are you going to do an analysis of "wholesale only" advisers who are NOT on the FAR…
I’ve just paid the $1,295 CSLR levy, and honestly, I’m frustrated that my hard-earned money is being used to cover…
Just remind us again how much money a super trustee spent on their 40th birthday party using member funds? What…