Sequoia acquires client books through subsidiary

The additions – from FF Planning Solutions in Hobart and SFG Financial Services in Melbourne – are expected to add over $500,000 of annual recurring fee-for-service income.

It is also hoped that the purchases will add $300,000 per annum of EBITDA per annum to the InterPrac business and will be completed in this current financial year.

In a statement released on Tuesday, Sequoia said the acquisitions “continues the company’s strategy of providing retired advisers equity in the group and their customers the opportunity to remain clients of the SEO group, where they can continue to receive advice and support under our branding”.

The total consideration of the customer books is approximately $500,000 made up of $150,000 upfront cash, 220,000 Sequoia shares at an issue price of 50 cents per share and a final further payment of $100,000 cash and $100,000 in Sequoia shares.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.

==

==