Countplus member merges with boutique accounting firm
South Australian financial services firm Hood Sweeney has merged with boutique accounting business Shearer + Elliss, cementing its place as one of the biggest accounting providers in Australia.
The deal brings Hood Sweeney's combined revenue to around $25 million and should confirm its status one of the top 35 largest accounting firms in the country, Hood Sweeney managing director Matthew Rowe said.
The Countplus member firm funded the acquisition with equity, which will see Countplus' interest in Hood Sweeney drop from 25 per cent to 19.9 per cent.
It is expected to be earnings accretive to shareholders, Countplus said in a statement.
Under the merger, former Shearer + Elliss staff will relocate to the Hood Sweeney offices from early next year and create a combined workforce of 110.
Shearer + Elliss partner Edward Taylor, who joins the board with fellow partners Lisa Hickey and Adam Wright, said there would be no change to direct client relationships.
"This merger will bring significant benefits to our clients as we expand our service offering and resources, particularly in financing, financial planning, insurances and information technology," he said.
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