Count Financial has made its third accounting and financial planning acquisition, purchasing a 25 per cent share in an existing Count franchise located in Wagga Wagga and Cootamundra in south-western New South Wales.
The business has operations across five regional districts, with revenue in excess of $5 million and funds under advice of $80 million.
Countplus, parent company of Count Financial, paid a total of $811,000 for the 25 per cent stake, $162,000 in cash (the mnimum cash requirement) and $649,000 in Count shares.
Countplus has an option to buy the remaining 75 per cent of the business from July 2011, or earlier by agreement.
Countplus chief executive officer Jeremy Wardell said the business, which was an existing Count franchise, has a diversified client base, which enabled it to withstand the worst effects of the drought throughout the region.
“Any recovery from the drought will multiply its growth outlook and assist it in consolidating its market position in the area,” he said.