Findex expands in regional Queensland following Mercury investment
Professional services firm Findex has expanded its footprint in regional Queensland through the acquisitions of Avance and Schuh Group, deals which follow its investment from Mercury Capital.
Concentrated in the Wide Bay – Burnett region north of Brisbane, the back-to-back acquisitions add offices in Maryborough, Gayndah, Hervey Bay, Kingaroy and Gympie and roughly one and a half dozen senior personnel.
The additions follow Mercury Capital’s 40 percent purchase of the firm off KKR in April, as well as other pick-ups so far this year including Gillespie Advisory in Canberra and FiveP’s Microsoft business applications practice.
The country’s sixth largest accounting and consulting network of its kind, Findex has grown from a team of around 100 to 2,500 professionals in more than 100 locations across Australia and New Zealand over the past decade with KKR’s support, including through the purchase of Crowe’s local business. The firm said Mercury’s investment marked a pivotal step in its next chapter.
Notably, the first page of that chapter has seen former Australian prime minister Malcolm Turnbull dumped from the Findex board after joining in early 2020 via an advisor role with KKR. Meanwhile, Findex co-CEO Matt Games said the new partnership would fuel the firm’s ambition to triple the size of its $400 million revenue-generating business over just the next five years.
For Mercury’s part, founder and chief Clark Perkins also said the advisory was poised for significant expansion; “Findex’s strong growth profile, management capabilities, deep digital investment and low-risk salaried model which brings accountants and financial planners together under one roof creates an exciting opportunity for an enhanced, market-leading service provision.”
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With offices in Gympie and Kingaroy and a satellite in Mundubbera, Schuh Group has been operating in the region for close to five decades led by Cos Schuh, while Avance Chartered Accountants was established through a merger in 1986 by Ross Mangelsdorf and Jeremy Lowe, with current locations in Maryborough, Gayndah, and Hervey Bay.
Findex said the existing services available to the pair’s clients will now be complemented by its own comprehensive suite of accounting, wealth and advisory services; “By broadening our geographical footprint, we can enhance our ability to deliver exceptional services to a wider client base across Queensland, helping clients grow and prosper personally and with their businesses.”
