Big-four firm misses out to C&N on acquisition deal

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Financial Review – afr.com.au
Big-four firm misses out to C&N on acquisition deal

A branch of Mark Bouris’ Yellow Brick Road accountancy and wealth group in Sydney’s south west has
snubbed an offer of sale from one of the big four accountancy firms, Deloitte.

It opted instead to sell a quarter stake to aggregator Chan & Naylor.

Principal Peter Ristevski sold a 25 per cent stake in his $900,000 a year Mack Partners accountancy firm for a
multiple of four times EBIT. In a separate transaction, Mr Ristevski sold his loan book to Yellow Brick Road.

Deloitte matched C&N’s price but wanted 100 per cent control.

“At 40, I’m too young to retire. “I didn’t want to go on salary. “I wanted to retain equity in the business,” said Mr Ristevski, who was elected to Liverpool Council in September last year and is chairman of the Australia-Macedonia Chamber of Commerce.

The firm would begin trading as C&N Liverpool immediately. It was C&N’s sixth acquisition since new chief executive John Harriott took over the running of the company 14 months ago. The group acquired a stake in two Victorian firms, and four in South Australia. Brisbane mayor Graham Quirk was expected to officially open C&N’s new Brisbane offices on Wednesday.

The race to gain a foothold in burgeoning suburban and regional hubs was driving rampant consolidation in the
accounting sector.

“The population in south-west Sydney is expected to grow by more than a million people over the next 20
years,” Mr Ristevski said.

There were plans afoot to amalgamate the two big councils of Liverpool and Bankstown. Major land releases were also slated for the area, which would spur residential and commercial property investment.

 

[…] read more at afr.com.au

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