White Sky Changes Hands (EXCLUSIVE)
White Sky is now part of BlueRock.
Announced today, February 26th, BlueRock strikes a strategic acquisition for the Melbourne-based business, widely regarded as Australia’s biggest music business accounting firm.
The deal, reads a statement, will “enhance service offerings for White Sky clients”,”which include artists, managers, festivals and events, record labels and music industry entrepreneurs “by providing access to comprehensive financial, tax, legal and private wealth advisory services.”
Financial terms were not disclosed.
“This partnership will really lift the level of tailored business support and advice available to the music industry,” comments White Sky founder and managing director Tom Harris.
“The team at BlueRock share our values as people, they love our commitment to Australian artists and music businesses, and they bring something new to our industry with their experience in international tax strategy. I’m excited to be leading White Sky into this new chapter.”
A privately owned firm, Harris started the business in 2002 like so many enterprises in music by offering bookkeeping services to local bands and labels from his share house bedroom.
Harris was 25 years old at the time and nursing dreams of becoming a filmmaker. He figured that by starting his own business, he’d have maximum flexibility should the film career take off, and he knew that people in the music industry often weren’t the savviest bookkeepers.
He was right.
Currently, White Sky handling finances for many of the biggest names in music, including Tame Impala, Dom Dolla and Julia Jacklin, with a focus on royalty and tour accounting, business management and bookkeeping.
The acquisition is a fresh start for White Sky, which took a reputational blow when Damien Luscombe, a former senior business manager and partner at the accounting specialist, was sentenced to prison for stealing more than $2 million from a range of clients over an 11-year spree.
As the scandal broke, triggered by an internal investigation, a spokesperson from White Sky told TMN that everyone at the firm was in “absolute shock” by the “actions of one individual.”
Luscombe was last year handed six years’ jail, with eligibility for parole after three years and nine months.
For Harris and White Sky, all of that is now behind it as the partnership explores synergies and builds on its brainstrust and collective marketshare.
Established in 2008, BlueRock offers a one-stop-shop for business owners, founders and families, integrating advisors from legal, finance, and digital and more. Currently, its head count tops 350 in Australia and New Zealand.
“We are always exploring partnerships that support our growth and provide improved services to Australian business owners, founders and families,” said Peter Lalor, BlueRock’s founder and CEO. “The joining of BlueRock and White Sky will enable us to provide unparalleled services to Australia’s fantastic entertainment industry and facilitate significant growth for both firms.”