hobart harbour
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  • Tasmanian acquisition now complete
  • Cash consideration reduced by just under $43,000
  • Move follows new offices in Victoria opening

Earlier in mid-March, Acumentis Group Limited (ASX: ACU) announced a $550,000 deal to acquire Tasmanian valuations company, Saunders & Pitt.

Today the deal was completed, confirming the acquisition of Saunders & Pitt but some changes were made to the deal.

The original deal included a $150,000 cash consideration which was “reduced by $42,968 relating to employee leave liabilities transferred to Acumentis,”.

Acumentis said it is a continuation of its growth strategy, in a statement the company noted that:

“Acumentis expects this to translate to additional operational profit for the business, increasing overall EPS by approximately 5% and advancing the Company’s growth trajectory.”

Acumentis Group Limited

The strong growth strategy follows other moves by Acumentis, recently opening more offices across Victoria.

“Closely following the opening of new Victorian offices in Gippsland and Shepparton, we are delighted to have the exceptionally talented staff at Saunders & Pitt join our team”

Tim Rabbitt, Managing Director and CEO Acumentis

Saunders & Pitt has been around since 1905, in recent years the company has achieved revenues of around $1.52 million per year and averaging an EBITDA of $0.24 million.

Partner of Saunders & Pitt, Joe Stansfield said:

“This is a great day for the Partners, staff and clients of Saunders & Pitt… For our loyal employees, joining the Acumentis Group will provide enhanced career opportunities as well as the benefits of a larger company…”

Joe Stansfield, Partner of Saunders & Pitt

A cleansing notice under s708A(5) of the Corporations Act 2001 was also issued today, the $400,000 of shares in Acumentis transferred to Acumentis as follows: 3,244,120 ordinary shares at 12.33 cents per share.

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