SYDNEY: Equity Story Group Ltd (ASX: EQS) has announced the acquisition of Baker Young Limited, a premier Adelaide-based wealth advisory firm, in a deal that marks a key milestone in its national expansion strategy and the formal launch of its Wealth Management division.
The acquisition, finalized under a binding sale and purchase agreement, will see EQS pay $4.2 million for the business and assets of Baker Young. The consideration includes $3 million in upfront cash funded by a secured debt facility and a $1.2 million performance-based earn-out. EQS will also issue 10 million options to Baker Young nominees, subject to shareholder approval.
Founded in 1985, Baker Young has serviced more than 6,000 high-net-worth and retail client accounts, with over $700 million in Funds Under Management (FUM), including $180 million in Managed Discretionary Accounts. The firm recorded $4.5 million in audited FY24 revenue.
CEO Shane White described the acquisition as “game-changing” for EQS, citing the transaction’s earnings-accretive nature and projected revenue increase of over 400% based on FY24 figures.
“We are building a diversified financial services group founded on credibility and trust, boosted by technology, and focused on investor outcomes,” said White.
Baker Young will retain its brand and leadership, with co-founders Alan Young and David Baker continuing in key roles. The firm’s long-serving executive Kristian Young will lead the division. Advisors and staff will benefit from a profit-sharing model alongside their salaries and commissions.
The acquisition, funded by Axiis Capital and building on prior investment from Capital Haus Pty Ltd, aligns with EQS’s broader strategy to grow its financial ecosystem. The company plans to expand Baker Young’s operations beyond South Australia, New South Wales, and Queensland to a national footprint.
Clients will gain access to EQS’s proprietary investment research, digital learning platforms, broader investment solutions, and capital opportunities. EQS will integrate its CTM (Chart, Timing, Momentum) trading methodology with Baker Young’s fundamental research-driven approach, offering a hybrid model of wealth advisory services.
The transaction’s completion is scheduled for 1 August 2025.