Austbrokers Holdings Limited (AUB) has acquired a 50 per cent interest in Northlake Holdings Pty Ltd trading as Country Wide Insurance Brokers (Country Wide). The initial payment is $3.0 million with further payments in 2012 and 2013 based on the performance of the business.
Country Wide’s Head Office is based in Perth, with operations in Mandurah, Bunbury, Moora, Geraldton, Narrogin, Northam, Katanning and Cunderdin. The acquisition forms part of a succession planning strategy for the company. The two founding partners, Peter Banks and Wayne Cooper, will retire as employees but remain involved with the business as directors and shareholders.
Country Wide Managing Director and shareholder Ray Ball said, “We are delighted to welcome Austbrokers as a shareholder. Their involvement as our new partners will enable the business to continue along its already successful course. Apart from the business benefits that Austbrokers will provide, Country Wide becomes part of a large like-minded equity group which will give further impetus to our current growth plans. We chose the Austbrokers model because it gave our remaining shareholders, our staff and clients future certainty and continuity of the business in its current form”
Austbrokers’ CEO Lach McKeough said, “The addition of Country Wide will increase the Austbrokers’ network of broking businesses to 42 and provide a greater regional reach in rural Western Australia. We believe it is a strong business with a professional staff and approach. We look forward to working with Ray and his team to focus on income growth and help drive bottom line improvements in the future.”
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