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Australian Family Lawyers (ASX: AFL) is going full throttle as a listed law firm, notching its first acquisition since listing on the ASX in early June.
The company has acquired Nita Stratton Funk & Associates Solicitors, marking its foray into the Queensland legal market.
AFL will pay $300,000 in cash for the Queensland firm, which will be funded by existing cash reserves.
The vendors are also entitled to receive further deferred cash consideration of up to $100,000 on 31 January 2020, depending on future earnings.
Nita Stretton Funk & Associates Solicitors has been operating in Queensland for 20 years, offering specialist family law advice.
Principal of the firm Nina Stratton Funk and all staff will remain with the firm which operates from offices in the Brisbane CBD and Rochdale.
Executive chairman of AFL Grant Dearlove says the company is moving fast to consolidate the market.
"AFL has moved expeditiously and prudently post our recent capital raise and ASX relisting to secure a place in the Queensland family law market," says Dearlove.
"This now strategically positions AFL in the capital cities of the three largest family law markets in Australia and provides our platform for further growth."
As part of the acquisition of Nita Stretton Funk & Associates Solicitors AFL has also picked up NSF Mediations and www.divorcelawyers.com.au.
Managing director and founder Edward Finn (pictured) says the acquisition of the Queensland firm will give AFL a solid foundation in the state.
"Apart from its existing attributes Nita Stratton Funk & Associates Solicitors and www.divorcelawyers.com.au is the base upon which we can utilise our unique digital marketing model to reach Queensland clients in need of family law solutions," says Finn.
"We aim to capitalise on the 20 years of success Nita Stratton Funk has secured from her Brisbane base and look to service clients immediately in the neighbouring markets of the Gold and Sunshine Coasts."
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