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The Findex Group has formally assumed control of the Crowe Horwath businesses in Australia and New Zealand, with the accounting firm delisted from the ASX today.
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Crowe Horwath takeover finalised
07 January 2015
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Crowe Horwath is now a wholly-owned subsidiary of the Findex Group.
Spiro Paule , Findex Group chief executive, labelled the occasion a significant milestone in the development of the Findex Group.
“It marks the realisation of our vision of creating a financial services group with accounting as the cornerstone offering complemented by financial advice, risk, lending and other related services,” he said.
Mr Paule described Crowe Horwath as a strong business and strong brand with enormous unrealised potential.
“Like Findex, it has grown through the merger and acquisition of smaller firms,” he said.
“We are confident the combination of the Findex Group culture, systems and process plus our track record of successfully acquiring and integrating businesses means our prospects for success are excellent. This will translate into tremendous upside for clients, staff and shareholders alike.”
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Crowe Horwath, which currently employs more than 2,600 staff in 110 offices across Australia and New Zealand, is now the largest business in the Findex Group in terms of staff, turnover and geographic spread.
“The Crowe Horwath acquisition means the Findex Group will have a financial services solution across the full demographic spectrum ranging from individuals and small businesses, large enterprises, high-net-worth families, senior public sector clients right through to digitally engaged ‘millennials’,” Mr Paule said.
The transaction will also mean the Findex Group’s wealth advisory businesses will now have more than $15 billion under advice, making it the largest non-aligned advisory business in Australia. In addition, its combined accountancy businesses will consolidate it as the largest and most diversified accounting services provider outside the big four.
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