Countplus makes its ninth acquisition

Count Financial’s wholly owned subsidiary, Countplus, has made its ninth acquisition with the purchase of a share of Brisbane firm Cooper Reeves.

The total cost was $1 million for a 25 per cent interest, of which $200,000 was settled in cash and the remainder in shares.

Countplus has an option to buy the remaining 75 per cent of the business from July 1, 2011.

The consideration was based on a maintainable earnings before interest and taxes after principal’s salaries (EBITAP) of $1.6 million.

Cooper Reeves, based in the southern suburb of Salisbury, has a client mix reflective of its location, a transport hub that includes manufacturing as well as retail and professional sectors.

Cooper Reeves also has a wholly owned subsidiary, Radbe Consulting, which specialises in the facilitation of government grants and research and development tax concessions to clients across Australia that align well with its export orientated client base and specialist advice in this area.

Countplus’ chief executive, Jeremy Wardell, said like many of its other investees to date, the business has a relatively young but highly experienced team.

“Business founder Paul Cooper is currently a board director of CPA Australia, having also been the past president of its Queensland division,” Cooper said.