In a boost to its licensee services, Sequoia Financial Group has signed a heads of agreement to acquire and merge the businesses of Castle Corporate and Castle Legal.

Castle Corporate specialises in providing accountants, financial advisers and lawyers with “advice and solutions” relating to the establishment of new and existing companies, trusts and SMSFs. Castle Legal was a spin-off company launched in 2008 providing legal services for companies.

In an update to the ASX on Tuesday, the firm described Castle as a “logical and germane fit” with Sequoia’s other legal document entities.

“The acquisition of the Castle businesses aligns with the Sequoia Financial Group’s strategic vision of providing an extensive range of services to accountants, financial advisers, AFSL holders and lawyers,” the company said.

The purchase of both businesses is up to $3.15 million, payable in cash and shares over a period of two years. The final tranche is subject to a performance which will be payable in July 2025.

The acquisition is expected to boost EBITDA of the professional services division by $800,000 a year.

Castle Corporate was founded in 1992 by Jenny Hamley with the company expanding to include Castle Legal in 2008. Hamley and her team will join Sequoia’s professional services division.