Countplus has settled its 10th acquisition with the purchase of a 25 per cent share in MBT Accounting Services, based in St Leonards, Sydney, for a total cost of $856,520.
Countplus, the wholly owned subsidiary of Count Financial Limited, settled the purchase with $342,608 in cash and $513,912 in Count shares at a 12.5 per cent discount. Countplus has the option to buy the remaining 75 per cent of the business from July 1, 2010.
A well-established accounting and financial planning firm, MBT has revenues of approximately $4.9 million per annum, with funds under advice of $120 million. The firm’s client mix includes Australian branches or subsidiaries of multi-national corporations, small to medium enterprises, business owners and high-net-worth individuals.
According to Countplus chief executive Jeremy Wardell, the purchase, based on maintainable earnings before interest and taxes after principal’s salaries of $843,078, is reflective of the current subdued business environment, adding that it provides a solid starting base for growth to access further incentives under the Countplus buy-out model.
