M and A
Australian Private Client Law Firm Expands Into Wealth Management
ILH Group, the
Australian law firm that caters to business owners and high net
worth individuals, has acquired a local corporate advisory and
wealth management firm.
The takeover of Capricorn
Investment Partners involves 100 per cent ownership of the
firm's shares, as well as the business and assets of Pentad, a Melbourne-based
boutique asset management firm. Pentad will be integrated with
CIPL and is expected to provide scale to the latter's wealth
management operations.
The deal, valued at an initial consideration of A$9.25 million
($8.5 million), is still subject to regulatory approvals.
In an announcement on the Australian Stock Exchange, the
directors of ILH said the CIPL and Pentad are "high quality
businesses with strong growth prospects." CIPL is set to deliver
at least A$5.8 million in annual revenues.
The transaction is expected to be completed by 1 September 2013.