CountPlus invests in Victorian accounting firm
CountPlus has announced it has finalised terms to acquire a 49% shareholding in Mildura-based accounting firm Southern Cross Business Advisers (SCBA), another acquisition as part of its ‘owner, driver – partner’ model.
The company said the total purchase consideration was $2.79 million, with an initial cash payment of $2.23 million and the remainder being a deferred payment in 12 months.
As part of the transaction, Noel Costa would continue to lead SCBA as managing principal and existing key principals would remain with the business as shareholders.
Matthew Rowe, CountPlus chief executive and managing director, said the merger was an example of the opportunities that came from the ‘owner, driver – partner’ model.
“This partnership with SCBA is another example of how we identify and invest in quality people and businesses,” Rowe said.
“The existing team and clients of SCBA will see the benefits that come with the support of our partnership model and the intellectual and financial capital that comes with our partnership approach.”
In the financial year 2021, SCBA generated accounting revenue of $6 million.
AUTHOR
Oksana Patron
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
