Count equity firm in $2.1m advice acquisition
An equity partner firm of Count has acquired a Victorian accounting and financial planning business.
Kidmans Partners – a multidisciplinary firm offering wealth management, accounting and compliance services – is a subsidiary of Count’s Australian financial services licence (AFSL).
Earlier this year, in February, the company acquired Business Accounting Melbourne, an accounting business which specialises in automating and implementing technologies to streamline all accounting and bookkeeping processes.
Now, Kidmans has announced the second acquisition of Zanacorp, an integrated accounting and financial planning practice, located in Elsternwick, Victoria.
Consideration for the deal is $2.1 million, with 70 per cent to be paid upon completion and the remainder deferred over a two-year period.
“The business is expected to be earnings accretive on completion,” the ASX statement said.
As a result of the transaction, Kidmans will grow to 58 employees with more than $10.5 million in annual revenues.
In addition, the deal will see Joseph Zanca, founder and managing director of Zanacorp, join Kidmans as a principal.
Commenting on the acquisition, Kidmans managing director Ross Hedrick said he believed the purchase would create positive outcomes for the business as well as their clients.
“Zanacorp has been delivering quality accounting and advisory services since 1989 and has a strong reputation in the community. We are excited to bring Joe and his clients into Kidmans,” Hedrick remarked.
Zanca said: “Kidmans is an outstanding business with a client-first approach that aligns closely with our values. This is an exciting new chapter for our business with Kidmans and Count, and will expand the skillset offered to our clients with the support of one of Australia’s leading financial services companies.”
Recent figures from Wealth Data cemented Count as Australia’s third largest advice licensee with 672 advisers. Meanwhile, competitors Insignia Financial and AMP sit in second and first position, with 716 and 818 advisers respectively.
Count lost 102 advisers over the 2023–24 financial year, which was the largest loss of all licensees. The firm’s Merit Wealth, which was previously part of Diverger, drove most of its losses, with a large number being “restricted” advisers who generally only provide self-managed super fund (SMSF) admin advice. Count also purchased Affinia from TAL in May 2023 and progressively moved most of the advisers to the Count licensee.
AUTHOR
Jasmine Siljic
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