Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Accounting network Kelly+Partners Group (KPG) has made a double purchase today, forming a partnership with one Melbourne accounting firm through acquisition, and collecting a second in New South Wales
  • The Melbourne CBD purchase will see the company form a client referral system, attributing for up to $2.5 million in extra revenue per year
  • This is the company’s sixth acquisition of businesses since 2017 as part of a rapid expansion
  • The Melbourne purchase represents over 500 new clients to the company’s portfolio of a potential 7500 total clients
  • Shares in the company are trading higher today by 1.02 per cent for 99 cents each

Accounting network Kelly+Partners Group (KPG) has purchased a Melbourne CBD accounting firm that could bring in $2.5 million in revenue per year.

The accounting firm holds over 25 years of history and is a standout in the Melbourne accounting and taxation industry. This is KPG’s sixth acquisition of business since 2017.

“Melbourne is a tremendous city where we already do significant business,” KPG Chief Executive Brett Kelly said.

“With our own team in the CBD, we look forward to growing a significant market-leading presence.”

Since the purchase, the acquired firm will now relocate to KPG’s office in Melbourne’s CBD at 333 Collins Street.

Current locations operated under Kelly+Partners Group
Image sourced from Kelly+Partners

Today’s purchase also forms the foundation of a partnership between the two companies, where wealth management accounts will be directly referred to KPGG.

“The partnership confirms the attractiveness of Kelly+Partners offers to owners of progressive accounting firms,” Brett Kelly continued.

“It is an exciting move forward in the group’s mission to provide a growing network and service offering to our target private business-owning clients.”

After taxation, annual earnings from the new purchase are estimated at $500,000.

The purchase from today will also bring roughly 500 new clients to KPG, which could make up to a new portfolio total of 7500.

The Melbourne CBD acquisition is also the company’s second purchase in one day, announcing in early trade today a similar purchase in New South Wales’ Blue Mountain region.

The Blue Mountain accounting firm purchase is significantly smaller however, estimated to rake in $300,000 in annual earnings after taxation.

“Together with our office in Penrith, we will have a very significant presence in the outer west of Sydney, one of Sydney’s fastest growing markets,” Brett Kelly said on the purchase.

Shares in KPG on the Australian market are trading higher today by 1.02 per cent for 99 cents each.

KPG by the numbers
More From The Market Herald
Cirralto (ASX:CRO) - Managing Director, Adrian Floate

" Cirralto (ASX:CRO) brings in $400k worth of receipts over Q1

Cirralto (CRO) has released its latest quarterly financial update, revealing it ended September with just under $400,000 in customer receipts.
Wisr (ASX:WZR) - CEO, Anthony Nantes

" Wisr (ASX:WZR) adds $123m in originations to loan book

Wisr (WZR) has added another $123 million in originations to its loan book during the recently completed September quarter.
Humm Group (ASX:HUM) - CEO, Rebecca James

" hummgroup (ASX:HUM) 1Q22 business update

hummgroup (HUM) is trading in the green following the company’s business update for the first quarter of the 2022 financial year.
Laybuy (ASX:LBY) - Managing Director, Gary Rohloff

" Laybuy Group (ASX:LBY) signs new £30 million loan

Laybuy Group (LBY) has signed a new £30 million (A$55.3 million) debt facility with US specialist lenders Partners for Growth.