Findex Group acquires Crowe Horwath Australia and NZ as subsidiary

16 January 2015

The Findex Group has acquired Crowe Horwath International’s Australia and New Zealand business as subsidiary. Findex Group aims to create a quality, one-stop solution for all the financial services needed by their clients through the acquisition.

Crowe Horwath International is a top 10 global accounting network which in Australia and New Zealand operates with over than 2,600 staff spread across 110 offices. The network comprises of more than 150 independent accounting and advisory services firms globally, with 640 offices and nearly 28,000 workers in more than a hundred countries around the globe.

Financial Index Wealth Accountants or the Findex Group is one of Australia’s larger independent providers of providers of wealth, accounting, estate planning and risk protection advisory services.

Findex Group acquires Crowe Horwath Australia and NZ as subsidiary

The acquisition of Crowe Horwath’s New Zealand and Australian local operations is in line with Findex Group’s ambition to expand its SME accounting services to be able to offer a full range of accounting and financial services to its clients. The acquisition resulted from an overwhelming majority vote by 98.25% vote of Crowe Horwath shareholders.

Spiro Paule, Chief Executive of the Findex Group, commented on the move, “Today is 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. Our goal is to provide the highest quality, one-stop solution for all the financial services needed by our clients.”

Findex Group’s wealth advisory business will be the largest non-aligned advisory business in Australia, having more than AUD $15bn (£8bn) under advice, as a result of the acquisition.


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Mayo Hardware taps consultants from PwC for strategic review

15 January 2019

The management team of Mayo Hardware has hired PwC to support the firm with a strategic review process. 

Founded in 1928, Mayo Hardware sells outdoor lifestyle items, safety products such as locks, and other security and hardware equipment to the retail, trade, government and commercial markets in Australia and New Zealand, as well as a number of export markets. Alongside a broad suite of products, Mayo Hardware serves as the exclusive distributor of Master Lock products in Australia. 

The company, which is majority owned by James and Sarah Mayo, the grandson and granddaughter of company founder Cecil Mayo, generates an annual revenue of between $20 million to $25 million before interest, tax, depreciation and amortisation.

Mayo Hardware taps consultants for strategic reviewAs part of the firm’s expansion plans, James and Sarah Mayo have brought in the support of external consultants from PwC to advise on a strategic review process. The consultants have been tasked with exploring a number of strategic options, including selling the business to a larger player or attracting capital from an investor. Having completed a due diligence and sell-side valuation on Mayo Hardware (according to publication Street Talk the firm’s value hovers around the $200 million deal range), PwC is currently exposing the family-owned business to mid-market private equity firms as part of the review, as well as potential strategic buyers.

Mayo Hardware has booked solid growth in recent years, mainly on the back of its growing product line. In 2017, the company acquired the distribution rights for DEWALT pressure washers and generators, and in the years before that the south-western Sydney-based firm also gained similar mandates for Thermacell and Sentry Safes products. 

PwC is with more than 7,000 professionals one of Australia’s top professional services firms and one of the ‘Big Four’ players in the accounting and consulting landscape. The engagement at Mayo Hardware is being led by the firm’s M&A arm, which operates as PwC Corporate Finance.