Former FPA chair Ray Griffin has sold his financial planning practice to Rockhampton-based group Capricorn Investment Partners.
The sale of Griffin Financial Services (GFS) to Capricorn Investment Partners was settled on 30 April.
The price of the deal has not been disclosed, but GFS managing director Ray Griffin told InvestorDaily the transaction was a cash and scrip deal.
Under the terms of the agreement, Griffin will remain with Capricorn Investment Partners for five years as a director. He is also a senior equity holder in the company.
The GFS name will also be changed to Capricorn Investment Partners following a transition period.
“I’m staying in – I’m contracted for five years. Initially I’ll be involved in the transition of clients to the new ownership structure and also eventually to someone who will replace me here in Tamworth as a planner,” he said.
“We’re really keen to find the right person so we’ll take our time.”
Griffin’s decision to sell his firm stems from the fact he has spent 20 years in the industry and is keen to seek other opportunities.
GFS is Capricorn Investment Partners’ first acquisition, the firm’s managing director David French said.
“We had been looking for over two years for a suitable acquisition,” French said.
“I think Griffin’s is set up as a genuine fee-for-service business and it manages direct portfolios, which is very similar to what we do in Rockhampton.
“The other thing that is really important is the culture of Tamworth … and as funny as that might sound it’s important as country people understand each other, whereas when we’ve had discussions with capital city potential targets there is a gulf there.”
Capricorn Investment Partners is an independently owned boutique financial planning firm specialising in tailored financial and investment advice for individuals and small business.
