An equity partner firm of advice licensee Count has acquired an accounting client book to expand its Melbourne client base.
O’Brien Accountants & Advisors, a Count equity partner business, has acquired the accounting client book of Melbourne-based accounting firm Kaias Phillips for $2.1 million.
Kaias Phillips holds over 45 years of experience providing business accounting and taxation services to clients from a wide range of industries. It also offers business consulting, strategic advice, self-managed super fund (SMSF) and estate planning assistance.
The business has recurring accounting revenues of $1.8 million and Count will retain a 40 per cent shareholding in the combined entity following completion of the transaction.
Two partners in the existing Kaias Phillips team, Andrew Cust and Helena Golby, will join O’Brien as employee shareholders to ensure a smooth client transition.
Meanwhile, the two remaining partners, Van Kaias and Bill Scopas, will take up consulting roles to support integration activities.
Commenting on the acquisition, Mark O’Brien, managing principal at O’Brien, described how the transaction will boost the firm and its broader Melbourne-based client community.
“Both O’Brien and Kaias Phillips have long, proud histories dating back to the 1970s and a reputation for delivering quality services to our loyal clients. We are excited to be adding experience and expertise to our team that will ultimately make us a better business,” he said.
Last month, another equity partner firm of Count purchased a Brisbane-based accounting business for nearly $1 million, as the licensee drives forward its inorganic growth momentum.
Count owns a 57.6 per cent equity stake in 4Front, a Queensland-based professional services and advisory business which acquired the accounting book of MD Yates and Associates (MD Yates), a Brisbane-based accounting practice established in 1996.
Commenting on the announcement at the time, Count chief executive Hugh Humphrey said the acquisition continued Count’s recent growth momentum within its advice network.
“We are always looking at ways to expand our community and that strategic focus includes supporting our member firms with their growth aspirations,” he remarked.
Count has announced several acquisitions from its equity partner firms since the year began, with its growth strategy showing no signs of slowing down.
This included Count Gold Coast, an equity firm of the broader Count network, purchasing the accounting fees of Jonathan Grant Accountants in early April for $1.4 million.
In the same week, a former Insignia advice firm Murray Nankivell, specialising in providing advice in regional South Australia, joined the Count licensee.
Melbourne-based advisory firm Tailored Lifetime Solutions, formerly licensed through AMP, also joined the Count network in March.
