Kreston Dormers has announced today that it will leave the Kreston network and merge with Tricor Chew, a member of the Tricor Group, to form Tricor Chew and Dormers.
Kreston Dormers managing director Tony Dormer has also resigned from his position as chairman of Kreston Australia as he moves to partner Tricor Chew and Dormers with Kim Chew, managing partner of the Chew Group.
The Tricor Group is owned outright by Trivium Investment Ltd., a company backed by global private equity firm Permira Funds.
Tricor, founded in 2000, offers back office services to corporates, with Tricor Chew and Dormers set to follow in that vein, according to Mr Dormer.
“There is no intention to do audit at all so all of the work is really consulting work or business services work or the traditional tax compliance work,” said Mr Dormer.
“My new role will be to develop the business in Australia with Kim Chew who is my partner, and who has been part of Tricor for some time, and to help develop the Asian business through my connections.”
“The idea is for me to work to maintain a growth rate of 15 per cent for the group. So my firm becoming a part of it and me taking on that role is part of an aggressive growth strategy for Tricor and particular in Australia, Asia and Vietnam.”
Mr Dormer said that Tricor has set aside $100 million for acquisitions as it seeks to expand rapidly.
“[Tricor] have a large cash box ready to look at acquisitions of the right fit,” added Mr Dormer.
“[The idea] is to grow the group in Australia to circuit $10 million to 20 million as quickly as possible over the next two or three years by acquisitions and by aggressive business strategies.”
Accountants Daily understands that Mr Dormer, who is the immediate past president of the NSW Business Chamber and The Australian Chamber of Commerce in Vietnam (AusCham Vietnam) NSW representative, has begun quietly lining up acquisition targets in Australia and New Zealand.
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.