Countplus makes first foray into SA
Count Financial’s wholly owned subsidiary, Countplus, has made its first South Australian acquisition, taking a 25 per cent stake in accounting firm Crosby Dalwood.
This marks the eighth acquisition for Countplus.
Crosby Dalwood is an accounting practice based in Kent Town, Adelaide, which according to the group has a high penetration level for financial planning services, with a client base consisting of small businesses, retirees and pre-retirees.
“The practice also provides services to a number of younger clients, who will be the focus of future marketing efforts to continue growth in the business,” a statement from Count said.
Countplus paid $512,000 for the 25 per cent interest (including net business assets) in the practice, which has funds under advice of $65 million. Just over $100,000 was settled in cash, with the remaining $410,000 settled in Count shares. The consideration was based on maintainable earnings before interest and tax after principals’ salaries of $48,000.
As part of the agreement, Countplus now has an option to buy the remaining 75 per cent of the business on agreed pricing and at its discretion from July 1, 2011, or by agreement before that time.
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