Barry Lambert
Count Financial-owned Countplus has completed its first two equity stake acquisitions of accountancy businesses in Perth and the Gold Coast.
“Both businesses are existing Count franchisees with strong performance records and located in markets where further strong growth is expected,” said Count and Countplus chairman Barry Lambert.
Countplus paid $2.29 million for a 25 per cent interest in each business (including net business assets). The deal was settled with $0.46 million in cash (the minimum cash requirement) and $1.83 million in Count shares. The consideration was based on a combined maintainable EBITAP (earnings before interest and taxes after principals’ salaries) of $2.06 million.
Countplus has the option to buy the remaining 75 per cent of the businesses after July 1, 2001.
Lambert said further acquisition-related announcements are expected in the coming months.
Countplus takes equity stakes in accounting businesses that have, or plan to have, financial planning divisions.
