Prime Financial Group has strengthened its commitment to the accounting sector, increasing its investment in one Melbourne firm, while acquiring equity in another accounting and advisory firm.
Prime makes major accounting investment
Prime has boosted its investment in Melbourne-based accounting and advisory firm MPR Group from 10 per cent to 40 per cent. The group has also undertaken a new investment in Watermans International Holdings of 40 per cent, with an option to increase to 50 per cent equity within 12 months.
Simon Madder, CEO of Prime Financial, said the group will assist and support both investees and their respective management teams to further their growth ambitions and targets.
“There’s no shortage of opportunity within the current market and we are very optimistic on the opportunities available to proactive accounting firms,” said Mr Madder.
Describing MPR Group as “one of the most progressive, growth-oriented accounting and advisory firms in the country”, Mr Madder revealed that Prime will assist the firm in reaching its goal of double digit growth over the coming years by providing a dedicated M&A team, as well as developing a global outsourcing model.
“The firm is a genuine alternative to the big four and we believe their client-focused, advisory approach is the right model into the future,” he added.
Similarly, Prime aims to assist Watermans International by providing equity for future acquisitions, adding value through technology and offering wealth management services to increase value for potential clients.
“Watermans are an advice orientated, next generation firm that have fully embraced a global resourcing model,” Mr Madder said.
As part of Prime’s investment in Watermans, a wealth management entity has been established which is 50 per cent owned by Watermans and 50 per cent owned by Prime.
“This forms part of Watermans' strategy to deliver clients a complete accounting and wealth management service,” Mr Madder said.