The Agency Group Australia Ltd (formerly “Ausnet Financial Services Ltd”) exercised an amended option to acquire Top Level Real Estate Pty Ltd (currently Trading as The Agency East Coast).
According to the AFR, if successful, this deal alongside the acquisition of Sell Lease Property it will transform The Agency into a $50 million dollar business at the end of February. Top Level is backed by Mortgage Broker John Kolenda and of course CEO Matt Lahood.
Commenting on the acquisition, The Agency Group Australia Ltd Managing Director Mr Paul Niardone said, “This transaction provides an exciting opportunity for The Agency, its staff and shareholders, and further cements our position as the fastest growing disruptive real estate group in the country.”
“Top Level, which has been trading as ‘The Agency’ on the east coast of Australia since launching in March this year, has established, with our support, a significant business in a short period of time, surpassing our recruitment and sales targets.
An announcement to the ASX yesterday by the company states that Top Level has made significant gains since it’s commencement, including:
- 75 high-quality real estate agents recruited
- A further 27 agents confirmed to start
- Expanded to 9 office locations, with 3 proposed new locations
- $480 million total sales
- $7.2 million commissions
- 267 settlements
- 3,375 properties under management.
“Integration of these two businesses makes perfect sense since both parties will be able to capitalise on the continuing success of The Agency brand, the rollout of the Sell Lease Property Brand while fully realising the efficiency benefits of working under the one ownership structure, Mr Niardone added.
“This is a good outcome for both existing Agency Group shareholders and Top Level shareholders and ensures both groups are aligned to achieving sustainable shareholder value.
Top Level CEO Matt Lahood, who will become an Executive Director of The Agency Group, believes that by formally joining The Agency Group Australia, the Top Level team can significantly enhance and fast-track their already impressive east coast offering and results to the benefit of the enlarged business.
“We are thrilled to be merging with The Agency Group Australia to become Australia’s leading disruptive, high growth real estate agency,” he said.
“I am highly confident this agreement will provide us with great scale and will create great leverage with our clients nationally.”
Currently, The Agency’s East Coast offices include Melbourne, Gold Coast, Bondi Beach, Bondi Junction, Coogee, Neutral Bay, Mosman and Annandale, with proposed new locations in Adelaide and Brisbane.
On completion of both the Top Level transaction and the proposed transaction with Servtech Global Holdings The Agency Group will be a truly national company with two diverse brands; a successful strategy for businesses in the US and UK markets.