Equity Story Group (ASX: EQS) has announced a binding agreement to acquire Adelaide-based financial advisory firm, Baker Young, for $4.2 million. This acquisition is expected to be earnings-accretive and will be funded through debt and the issuance of 10 million Equity Story shares held in escrow. Baker Young, with over 40 years of experience and a client base exceeding 6,000 accounts, offers services including Australian listed securities execution, portfolio management, capital raising, and corporate advisory.
The strategic move aims to bolster Equity Story’s wealth management division, expand its corporate advisory capabilities, and establish a national presence. According to Equity Story’s CEO, Shane White, the Baker Young brand will operate as a division of Equity Story, serving as the cornerstone of their national expansion strategy. The company’s executive chair, Brendan Gow, highlighted the acquisition as exemplifying their strategy of consolidating high-quality advisory practices under a tech-enabled brand, addressing generational change and regulatory pressures in the advisory sector. The acquisition is subject to the execution of a formal agreement by May 31, 2025.
