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Carbon acquires Melbourne firm in fifth takeover this year

Business

With the rebranding of MG Partners and Davenports, the group now has 20 offices and 300 staff.

By Philip King 10 minute read

Carbon Group’s aggressive expansion drive has notched up its fifth acquisition this year in MG Partners and Davenports Financial Solutions, based in Melbourne.

The firm’s Elsternwick premises will be rebranded to become the 20th Carbon office. All 12 staff are to transfer across to become Carbonites.

Led by partners Mike Haberfield and George Kapiniaris (MG Partners, pictured centre and left) and Les Silpert (Davenports, pictured right), the firm has provided accounting, taxation, bookkeeping, and financial planning services to its area for 20 years, Carbon said.

Carbon Group co-founder Nathan Hood said the firm shares its passion for helping small and medium-sized businesses to succeed and the extra office was a special milestone.

“When we started Carbon in 2014, we were one office in Perth with 13 people. It’s such an achievement to now be announcing our 20th office and to now have over 300 Carbonites nationally,” he said.

“It’s such a thrill to be at this point. We’re excited by the number of firms that have made the decision to join us recently, but also the larger size of some of these firms. It’s a rubber stamp that the vision we are articulating is compelling.

“Joining a larger network and team, without losing the local focus that each of our offices carries is resonating with those joining us for succession purposes as well as practitioners who are joining us to accelerate their growth journey.

“The scale we’ve created and will continue to create will allow us to further invest in our people and businesses so that we can provide even better outcomes for our clients and local communities.”

Only a few weeks ago, Carbon Group made its fourth acquisition this year in the takeover of Ezetax, a small practice in the Perth suburb of Inglewood, which boosted its headcount by three and expanded its Swan Valley office.

That was Carbon’s second acquisition in Western Australia this year after formalising a merger with Perth-based Kensington Financial Group in July. The entire Kensington Financial Group relocated to Carbon’s largest office in Osborne Park.

In early August, Ipswich-based Harding Martin joined Carbon to become its fourth office in Queensland, adding 20 staff to the group.

Later that month, it added two offices and 50 staff to its NSW presence by taking over the Sydney bookkeeping start-up Numeric Eight.

The Carbon Group has tripled its headcount in less than a year and can look forward to moving up the Australian Financial Review Top 100 ranking for 2023.

Carbon launched nine years ago after a chance meeting of founders Jamie Davison, who ran a bookkeeping and CFO services consultancy and Mr Hood, who was working in a traditional accounting firm. 

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Philip King

Philip King

AUTHOR

Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.

Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.

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