Sequoia Financial Group announced in an ASX and media release that it has sold its general insurance broking businesses to WIB Corporate for an anticipated purchase price of between AU$4.4m and AU$5m (US$2.95 to US$3.35m).
The acquisition of 100% of the shares in Sequoia Insurance Brokers and Interprac General Insurance was set at 2.4 times the annual revenue for the period ending 30 June 2025, with FY24 revenue expected to be approximately AU$2m.
WIB Corporate is owned and controlled by Managing Director Cameron Bott, a former director of Steadfast Limited.
“I am very excited to acquire the Sequoia-owned broking businesses and form a strategic alliance with the group’s advice and accounting network to provide high-quality general insurance broking services,” Bott said.
An initial payment of AU$1m has already been made, with a further AU$1m due by 31 October 2024. The remaining amount will be paid in cash over 15 months, according to the announcement.
Sequoia said the divestment aligns with the Board’s strategy of streamlining the Group’s business.
Sequoia will continue to support its advisers and accountant customers with their general insurance needs through a referral arrangement with WIB Corporate, which will be in place for five years.
The Sequoia brand will continue to be used to protect the referral arrangement. The offices in Bendigo, managed by John Plim, and Brighton, managed by Shane Upton, will remain operational.
