Brisbane-based law firm Shine Corporate has made its second acquisition in Western Australia, paying $13.3 million for personal injury specialist Bradley Bayly Legal, after paying a higher price last year for Stephen Browne Personal Injury Lawyers.
ASX-listed Shine will pay $13.275 million for Bradley Bayly, which was founded in 1995 by Brian Bradley and David Bayly, and has offices in Perth and Albany.
The payment will comprise $8.275 million cash up-front, a further $4 million cash deferred, and $1 million in Shine shares.
Shine managing director Simon Morrison said the acquisition would contribute to future earnings gowth as synergies were realised.
"The acquisition delivers a strategic expansion opportunity and the transaction underscores our commitment to becoming the leader and provider of choice in Western Australia," he said.
This move follows the acquisition of South Perth-based Stephen Browne Personal Injury Lawyers in July last year, around the same time it acquired Queensland firms Emanate Legal and Sciaccas Lawyers.
Shine's half-year report disclosed that it paid a total of $17.1 million for Stephen Browne, including $1.1 million in shares and a deferred cash component of $3.2 million.
The purchase price was based on net assets of $13.6 million and goodwill of $3.5 million.
For the half-year to December 2014, Stephen Browne contributed $6.4 million of revenue and $3.5 million of pre-tax profit to Shine.
By comparison, Shine paid $19.8 million for Emanate Legal, with the valuation including goodwill of $17.9 million.
It paid $10.5 million for Sciaccas Lawyers, with goodwill of $4.5 million.
A Shine spokesman said Bradley Bayly has a total of 22 staff, while Stephen Browne has about 30 staff.
That puts both firms just outside the top 40 WA law firms in the BNiQ database compiled by Business News.
