Mid-tier dealership IRIS Financial Group is on the market, its board has announced.
Dealer group IRIS Financial Group is on the market after its board decided that now is an appropriate time for the group to seek a strong partner to take the business forward, according to IRIS chief executive Alan Harrison.
Harrison said the board had been considering its strategic direction on an ongoing basis over the past couple of years.
"Our view is that in order to continue the outstanding growth that has been achieved since its commencement, IRIS needs the scale and resources that comes from aligning with the right parent," he said.
IRIS chairman Wayne Simmons said it was not an easy decision to make. However, he said it was the right time to be looking at alternatives to ensure the dealer group could continue to provide the best available resources to its underlying businesses, staff and clients.
The group said it had been approached on a number of occasions by organisations including Snowball Group, but that no serious negotiations had taken place in any of those instances.
Seaview Consulting corporate adviser Bob Neill, who was working with the group on its strategic direction, said the board had been disciplined in its approach and had followed a consultative and inclusive approach with all stakeholders.
"It's my view that IRIS is at the top end of quality organisations in the mid-tier dealer space and has a great deal to offer the right professional partner," Neill said.
"It is an extremely well-run organisation and has a demonstrated record of cohesively supporting its professional relationships."
IRIS will meet with a select number of suitable organisations over the coming weeks to explore opportunities that exist for a mutually rewarding relationship, he said.
IRIS was established in 2005 and comprises 33 advisers and 12 member firms across New South Wales, Victoria and Tasmania.
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