AF Legal Group Ltd (ASX: AFL) has announced that it has entered the Queensland legal market with the acquisition of Nita Stratton-Funk & Associates Solicitors, NSF Mediations and ‘www.divorcelawyers.com.au’, expected to complete on 28 June 2019.
Principal Nita Stratton-Funk and all staff will remain with the business (including 2 senior family law accredited specialists) operating from offices in Brisbane CBD and Rochdale.
The acquisition establishes a presence for AFL in Queensland. The firm now has offices in Victoria, NSW and Queensland.
AFL shares began trading on 7 June 2019 [read more].
The total upfront consideration payable for the current acquisition is $300,000, payable in cash and fully funded by existing cash reserves.
The vendors are also entitled to receive further deferred cash consideration of up to $100,000 on 31 January 2020, contingent upon future earnings. The Transaction consideration is 1.7x the 3 year average normalised EBITDA (Based on unaudited management accounts adjusted for non-recurring, one off and non arms length transactions). Any unbilled work in progress will remain in the business. The Transaction is expected to be earnings accretive.
“Apart from its existing attributes Nita Stratton-Funk & Associates Solicitors and www.divorcelawyers.com.au is the base upon which we can utilise our unique digital marketing model to reach Queensland clients in need of family law solutions. We aim to capitalise on the 20 years of success Nita Stratton Funk has secured from her Brisbane base and look to service clients immediately in the neighbouring markets of the Gold and Sunshine Coasts” commented Managing Director Edward Finn.