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Smartgroup Corporation Provides Acquisitions Update

11 Sep 2017  |  09:07:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Acquisitions Update - Announcement

Smartgroup Corporation announced that it has entered an agreement to acquire the assets of RACV Salary Solutions for $27m plus $7m retained in escrow, payable 12 months from the date of completion, subject to meeting certain operational metrics. This transaction is expected to complete 1 November 2017. RACV Salary Solutions, based in Adelaide, is a national provider of salary packaging administration and novated leasing services. It has c.100 staff and manages c.38,000 packages and c.4,500 novated leases, across c.700 employer clients. RACV Salary Solutions recorded revenue of $16.6m and EBITDA of $5.0m in FY 2017.

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