This first-time investment is aimed at improving ASF Audit’s client experience and accelerating future growth.
The collaboration between the two companies includes a primary capital investment to be allocated in several key business areas, including investment in technology and automation, acquisitions aligned with ASF values and investment in people, ensuring continued delivery of high-quality audit services.
Casey McGrath, ASF Audits’ managing director, said the investment marked a new era for the 31-year-old business.
“This transaction enables ASF Audits to embark on a new phase of expansion. Our objective is to sustain our growth trajectory by enhancing our market share both organically and through acquisition,” McGrath said.
“We have strong conviction in the quality of our work, and believe the more SMSFs we audit, the more assurance we can provide to trustees and the SMSF industry itself.”
McGrath added that the deal was made possible by the mutually agreed-upon departure of Chris Atkins, founder and major shareholder of ASF Audits.
The ASF Audits deal also added to Fortitude’s growing portfolio of companies and reinforces its position as a specialist investor in select small cap, high-growth private market opportunities with a focus on opportunities at the intersection of finance and technology.
Nick Miller, managing partner at Fortitude, said the company was excited to partner with the ASF team for the next stage of their growth.
“Our goal is to support them in enhancing their customer experience while playing a leading role in the ongoing consolidation of the SMSF assurance industry,” Miller said.
