Countplus acquires Perth firm
Countplus investee Lawrence Business Management (LBM) has announced the acquisition of the accounting and financial assets of Lena Hilton (LH).
Countplus is the wholly owned subsidiary of Count Financial, and has now overseen 14 purchases for the dealer group.
The total cost of the acquisition was $2,060,000, and was settled with $1,560,000 in cash, with the balance payable in LBM equity. The LBM equity is valued at $1.66 per share, which compares favourably with Countplus’ initial buy-in valuation for its 25 per cent investment in LBM of $1 per share.
LH has billings of $1,800,000, and will continue to operate as normal with its current staff.
“We are extremely happy with the acquisition of Lena Hilton. Lena Hilton has a client base made up of small to medium businesses with high average value,” LBM principal Tom Lawrence said.
Lawrence added that LBM planned to integrate its financial, lending and legal services into the newly acquired business.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
