Casey McGrath, ASF Audits managing director, said the investment is a timely new era for ASF Audit’s 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 the deal is made possible by the mutually agreed departure of ASF Audits founder and major shareholder, Chris Atkins.

The ASF Audits deal also adds 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 is excited to be partnering 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.