CountPlus’ member firm completes acquisition
New South Wales-based CountPlus member firm AdviceCo, which provides accounting, tax and wealth management solutions, has completed a tuck-in acquisition of the accounting revenues of Arch Capital under the CountPlus ‘owner – driver, partner’ model.
The transaction, which was structured as a cash payment of $0.4 million, with 65% to be paid on completion and the balance dependent on recurring revenues spread over two 12-month periods post completion, was said to be in line with CountPlus’ continued focus on strategic growth.
“Whenever we review a potential acquisition, our due diligence goes beyond just financial performance. Cultural fit is a vital component as we drive to ensure we match complementary, quality firms with a client-centric approach,” CountPlus chief executive, Matthew Rowe, said.
The acquisition would be expected to help broaden AdviceCo’s accounting fee base, adding additional scale to the firm’s client offering, the firm said.
AUTHOR
Oksana Patron
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
