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
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
