SHINE ADDS TO ITS CABINET

Written on the 29 October 2014

SHINE ADDS TO ITS CABINET SHINE Corporate Limited (ASX: SHJ) will acquire Sciaccas Lawyers, a personal injury practice, and Sciaccas Family Lawyers.

The initial consideration of the deal will be $8.75 million with deferred consideration subject to earn-outs linked to ongoing and increased financial performance of the acquired entities.

Sciaccas founder Con Sciacca, former federal government minister, will continue in the business following the acquisition.

SHJ managing director Simon Morrison (pictured) says the acquisition is a good fit for the group’s overall strategy.

“This acquisition is an excellent opportunity to leverage Sciacca’s excellent and long standing relationships with both key clients and industry groups alike,” says Morrison.

“It’s consistent with our ‘inch wide, mile deep’ focus on damages based plaintiff litigation, with Sciaccas complementing Shine’s existing personal injury businesses and providing access to additional channels to market.”

The $8.75 million initial consideration equates to four to five times of the estimated financial year 2015 EBIDTA, with similar multiples maintained on the payment of deferred consideration for growth in earnings through the earn-out period.

The acquisition will be funded from Shine’s existing cash and debt facilities and is expected to be earnings per share accretive in financial year 2015.

It will be completed by end of October 2014, but will contribute to SHJ’s earnings from 1 July 2014.



Latest News

SUPREME COURT ORDERS OCTAVIAR GROUP TO WIND UP

THE Queensland Supreme Court has ordered the Octaviar Group of companies (formerly known as MFS Group) to be wound...

CEOS BRAVE THE COLD TO RAISE $1.4 MILLION FOR THE HOMELESS

MORE than 400 executives confronted the cold last night in the annual Vinnies CEO sleepout, which took place benea...

JENNIFER WESTACOTT ON BANK TAX: IT EXPOSES GOVERNMENT "DESPERATION"

South Australia's new bank levy exposes the desperation of a government that is unable to get its own budget and ...

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

Related News

BASKETBALL'S COMEBACK CONTINUES WITH NBL CLUBS TO FACE OFF AGAINST CHINA'S NATIONAL TEAM

THE RESURGENCE of Australia's National Basketball League (NBL) continues with China's national team to play t...

DOMESTIC TOURISM IN AUSTRALIA BREAKS RECORDS, INJECTS $61.7 BILLION INTO NATIONAL ECONOMY

DOMESTIC Australian tourists have spent a record breaking $61.7 billion on intra and interstate travel this year, acc...

THE DOCTORS WHO PLUNGED INTO THE SHARK TANK AND SURVIVED WITH A $500,000 INVESTMENT

THEIR mission is to change the face of cancer care with an app that empowers and connects patients and care givers...

IMF BRACES FOR BIG LOSS FOLLOWING WITHDRAWAL FROM SPOTLESS CLASS ACTION

LITIGATION fund IMF Bentham (ASX: IMF) is set to lose as much as half a million dollars after it ceases funding one o...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter