Listed firm acquires boutique for $200k
AF Legal Group has bolstered its presence in the ACT with the acquisition of a boutique family law practice.
AFL (also known as Australian Family Lawyers) (ASX: AFL) announced on Tuesday the “asset acquisition” of ACT-based firm Strong Law Pty Ltd from Lessli Strong.
Strong Law, AFL said in a letter to the ASX Market Announcements Office, was founded in 2002 by Ms Strong, who boasts over 25 years of experience as a family law practitioner and is also a founding member of the Canberra Region Family Law Professionals Association.
The boutique was purchased by AFL for an upfront cash payment of $200,000, with Ms Strong entitled to receive further deferred cash consideration of up to $150,000 “contingent upon certain performance conditions”, AFL said in its letter.
The business purchase agreement between AFL and Strong Law was executed on 1 December 2020, with the effective date of the acquisition being 1 October 2020.
“All unbilled work in progress will be acquired by [AFL] as part of the acquisition,” it said.
Strong Law recorded “over $1m in professional fees for the financial period ending 30 June 2020”, AFL continued, noting that the acquisition of the boutique is “expected to be highly earnings accretive” for the listed firm.
AFL executive chairman Grant Dearlove (pictured) welcomed Strong Law and Ms Strong “to the team”.
“The acquisition of one of Canberra’s most established specialist boutique family law firms is complementary to our existing Canberra office. This acquisition creates greater scale, broadens our referral sources and adds to the depth and quality of our legal offering in the region,” he proclaimed.