BlueRock adds Arthur Advisory as it pursues capital partner

05 September 2023 Consultancy.com.au 3 min. read
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Keen on continuing a recent growth spurt, professional services firm BlueRock has brought on board fellow Melbourne outfit Arthur Advisory, and has confirmed it’s on the hunt for a strategic capital partner.

Melbourne-based business consultancy BlueRock has added Arthur Advisory to its accounting division. The move represents a homecoming for Arthur managing director Ricky Jessop, who was a manager with BlueRock in its earlier days before departing in 2018 to establish his own business focused on high-growth start ups.

“As a great mentor to emerging and high-growth businesses, Ricky is well versed on working with founders to build successful businesses and brings with him a client base that aligns really well with our existing clients,” stated recently-appointed BlueRock managing director of accounting Bevan McLeod. “The merger will also provide the opportunity to grow our business advisory service model.”

BlueRock adds Arthur Advisory as it pursues capital partner

A certified Chartered Accountant, Jessop originally joined BlueRock’s accounting division in 2013 and spent over five years with the firm prior to going out on his own. During his time with the firm, Jessop was involved in a number of small-scale start-ups – from superfood blends to a supportive social network to disposable hip flasks – and has since completed a Master’s of Enterprise with Melbourne University.

Pointing to the value the merger would bring to Arthur Advisory clients, Jessop stated; “BlueRock stands out in the market due to its unwavering commitment to innovation, excellence and customer quality. Their unique blend of cutting-edge technology, visionary leadership and a highly skilled team empowers advisers to deliver solutions that not only meet but exceed the expectations of their clients.”

For BlueRock, the joining of forces with Arthur Advisory follows quickly on the heels of its dmn group bolt on and last year’s legal and financial additions of Broadbent and Marsh & Maher Richmond & Bennison.

The deal also comes amid reports BlueRock is in the market for a capital injection to supercharge the firm’s growth, with the potential of an outright sale not entirely off the table according to the AFR.

It’s believed however that bringing on board a strategic capital partner is the preferred option, with professional services firms presently appearing to be an attractive proposition for investors. The publication estimates BlueRock to be valued at above $120 million, with revenue forecasts in the range of $70 million for the current financial year – up from around $20 million just three years ago.

As per online industry news site AccountantsDaily, the Melbourne-based firm is also currently working to expand into other major capital cities, through both an acquisition strategy and organic growth. Founded in 2008 by CEO and one-time Grant Thornton senior manager Peter Laylor, BlueRock has since grown to a headcount in excess of 320 staff, and in 2021 was named one of Australia’s Best Workplaces.