CountPlus member firm Twomeys has completed a tuck-in acquisition and undertaken an equity buyback program under the CountPlus “Owner – Driver, Partner” model, acquiring client accounting-based services Cultiv8 Accounting.
Peter Maher from Cultiv8 would join Michael Gay, Jenny Officer, Matthew Paterson, Stephen Thurn, Kerrie Walsh, Jenna Fallon and Matthew Moon as shareholders in Twomeys, while CountPlus would retain 62%.
The acquisition would be structured as an initial cash payment of $300,000 with a further deferred payment linked to incentive criteria to be made in 12 months.
CountPlus would receive a cash payment of $1.10 million for the sale in equity in Twomeys and Gay would be the managing director of the combined Twomeys/Cultiv8 business.
Matthew Rowe, CountPlus chief executive, said the firm’s model worked on identifying and investing in “quality people and firms”.
“[The] announcement confirms our commitment to growth by quality acquisition as well as our Owner, Driver – Partner model with key talent in our firms,” Rowe said.
“I am delighted to welcome Peter Maher to the CountPlus network. He brings a wealth of experience and business development capability which is expected to accelerate the growth trajectory of Twomeys.”