Financial Services Company Snowball continues its expansion with the acquisition of Brisbane financial planning business Money Mentors.
"We've got a large presence in Melbourne and Sydney, so making this acquisition of Money Mentors in Brisbane expands our east coast presence," Snowball chief operating officer Carl Scarcella said.
"We've also got national clients based there, so now we can service them more readily."
Money Mentors currently has $80 million of funds under advice and will operate under Snowball's Outlook Financial Solutions subsidiary from 1 Feburary 2009.
Snowball said this latest acquisition is part of a wider strategy of acquiring good quality businesses throughout Australia.
"It is a way to grow the business by inorganic means. We have done over ten acquisitions like this and we do it quite well and consider it part of our core capability," Scarcella said.
"Snowball has a number of further acquisition opportunities in the pipeline and we will continue to pursue our proven acquisition strategy of buying quality businesses that are earnings accretive, culturally and operationally aligned, and fairly priced."
Snowball has also agreed to acquire a corporate superannuation business in Adelaide.
This is expected to go ahead in the first quarter of 2009 and will increase Snowball's funds under management by nearly $100 million.
Last financial year Snowball acquired five businesses, which increased funds under advice by $700 million and will contribute $2 million a year to earnings before interest, tax, depreciation and amortisation.
