Austbrokers becomes partner in Dalby Insurance Brokers

In a move which further strengthens its regional and rural footprint, Austbrokers Holdings has announced its purchase of a 50% interest in IBNA member Dalby Insurance Brokers based in South West Queensland. It marks Austbrokers tenth acquisition this financial year.
Owned by Phil and Fran Wicks, Dalby Insurance Brokers has operated in the area for over 20 years servicing the rural community and a growing base of commercial clients. As a significant Regional and Rural broker, it boasts some of the region's major business clients and has specialist expertise in the farming and crop sectors. Dalby Insurance Brokers has a team of ten staff some of which have been involved in the business for over 20 years.
Mark Searles, Managing Director and CEO of Austbrokers Holdings commented, "We are thrilled to have Phil, Fran and the entire Dalby team join the Austbrokers Family. The calibre and culture of their business will fit perfectly into our core DNA of the "owner-driver" model. We are further buoyed by the fact that we have once again assisted an IBNA member to meet their future personal and business needs. We believe, this acquisition continues to affirm the value of the AIMS alliance to all stakeholders."
"We're really happy, it's a fantastic fit" said Dalby MD Phil Wicks. "I had been considering our succession plan for some time and been approached by the market to sell. But when I met with Austbrokers they were able to tailor and create a deal that addressed our specific needs. Fran and I gained comfort straight away." Mr Wicks further emphasised "We've been an enthusiastic member of IBNA and once we made the decision to partially realise our investment in the business, Austbrokers offered the most logical and appropriate equity partnership opportunity. Their model allows us to continue in the business as shareholders and operate the day to day, in our premises with our existing personnel. But now we'll have the added support of Austbrokers to help us propel the business into the future for the benefit of our staff and clients."
The transaction was effective 1 April 2013 and will see the business continue to trade in its current format for the near future. In time, the business will trade as Austbrokers Dalby with the continued partnership and leadership of Phil and Fran.
Fabian Pasquini General Manager Acquisition & Development commented, "It's a great business and operates in an economically growing area with Billions of dollars of gas and energy projects operating at its door step. The positive flow on effect of that activity to the broader commercial sector in the region is substantial. Our investment in Phil & Fran's business will allow us to help them introduce a number of business initiatives and profit generators to further capitalise on the region's opportunity and accelerate growth for Dalby Insurance Brokers and all its stakeholders"
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For further Information contact
Austbrokers -- Fabian Pasquini: 0408 96 28 36 / Dalby Insurance Brokers - Phil Wicks 07 4669 8300

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