Following the 5 August 2016 investment increase in MPR Group, MPR has today announced that it is acquiring a Melbourne accounting client base, of which Prime already maintains a minority interest, Watermans International Pty Ltd.
Prime managing director and CEO Simon Madder said the decision to acquire the new client base "was as part of a consolidation opportunity that leverages a technology enabled advice offering where a global resourcing model has been fully embraced”.
The acquisition will add an annual turnover of around $1.0 million to MPR.
MPR Group’s managing director, Matthew Murphy said: “the expansion of MPR to include this acquisition provides tremendous opportunities to our collective teams and clients to flourish. The group will benefit from the diverse but complementary operating styles, and we look forward to learning from each other”.
The latest acquisition brings Prime Financial’s total investments in accounting firms to 7, with an added 35 wealth management joint ventures with accounting firms throughout the country.