A Queensland-based private equity firm has taken a majority stake in SMSF audit firm ASF Audits to boost its market presence, but the deal has also led to the departure of one of its long-serving senior staffers.
The Adelaide-based firm announced the investment by Fortitude Investment Partners would be used to improve its client experience and accelerate future growth, and capital would be directed towards technology and automation, acquisitions aligned with the values of ASF Audits and further investment in people to ensure its delivery of high-quality audit services.
ASF Audits managing director Casey McGrath said the deal would allow the 31-year-old firm to start a new phase of expansion.
“Our objective is to sustain our growth trajectory by enhancing our market share both organically and through acquisition. We have strong conviction in the quality of our work and believe the more SMSFs we audit, the more assurance we can provide to trustees and the SMSF industry itself,” McGrath said.
As part of the transaction, ASF Audits founder and major shareholder Chris Atkins, who welcomed the investment by Fortitude, would depart the business.
“Since 1994, it has been an absolute pleasure to be part of the ASF community and witness its remarkable development into a major force in the SMSF industry,” Atkins said.
“However, as we look toward the future and the next phase of growth for our company, I have come to recognise that to achieve this new period of expansion, a specialist investor group is needed. Thus, after much consideration, I have made the decision to step aside to allow this transition to happen seamlessly.
“I am confident that this change will pave the way for new opportunities and continued success for ASF.”
The departure of Atkins was the only personnel change, with all other major shareholders and members of the current executive team remaining with the business.
Fortitude managing partner Nick Miller said the private equity firm, which focuses on small to medium-sized companies in Australia and New Zealand, was excited to be partnering with ASF Audits for the next stage of its growth and “its participation in the ongoing consolidation of the SMSF assurance industry”.
