Integrated Accounting, Wealth Management and Capital Advisory firm Prime Financial Group Ltd (Prime – ASX code PFG) has increased its footprint in South-East Queensland by acquiring a 100% interest in award-winning Accounting and Advisory firm Altezza Partners (Altezza).
Brisbane-based Altezza is owned by Partners John Driscoll, the former Brisbane Broncos player, and Matthew Smith. Last year it was named Innovator of the Year in the Accountant’s Daily Australian Accounting Awards. Altezza’s annual revenue is around $2 million with the deal involving cash and shares in Prime on a deferred consideration and performance basis.
At the Altezza announcement, from left: Matt Murphy, Prime Financial Managing Director – Business Strategy and Accounitng, Matthew Smith, Altezza Partner, Simon Madder, Prime Financial Managing Director and CEO, and John Driscoll, Altezza Partner.
As part of the transaction, John Driscoll and Matthew Smith will become equity partners in Prime and Altezza will change its name to Prime, becoming Prime’s Brisbane office.
Prime Managing Director and CEO Simon Madder said the transaction with Altezza fitted perfectly with where the two companies are headed.
“Altezza is an innovative firm – as shown by its award last year – and Prime is at the forefront of innovation in the advice sector,” Mr Madder said. “Many of the skills in both firms are complementary, particularly when it comes to services for entrepreneurs, business and family groups.”
Altezza Partner John Driscoll said the partnership with Prime is a massive boost for the company.
“To have the backing of one of Australia’s leading advisory and wealth management firms is testament to the business we have been building here in Brisbane. When it comes to innovation, both firms are on the same page and we see many benefits for both parties moving forward,” he said.
The Altezza acquisition and partnership, which is expected to settle within 14 days, is the first by Prime since last year when it merged with Melbourne accounting and advisory firm MPR Group (now Prime).