Publicly-listed accountancy-focused financial services firm CountPlus Limited has acquired a 40 per cent interest in Rundles Prime Pty Ltd and a 20 per cent interest in the associated Rundles Financial Planning Pty Ltd.
The company said acquisition extends the CountPlus network from 17 to 18 member firms and was expected to be earnings accretive in the first year.
It said consideration for the investment was a cash payment of $2.481 million.
The announcement said the existing key principals and management personnel of Rundles would remain in place and together with CountPlus seek sustainable growth assisted by the CountPlus owner-driver partner model.
Commenting on the transaction, CountPlus chief executive, Matthew Rowe described Rundles as a high-quality professional practice with an extensive track record in delivering value to clients.
Rundles is a Melbourne-based accounting practice with over 25 years in business and within the transaction the principals of Rundles will retain 60 per cent of the firm under CountPlus’ successful owner-driver partner model.
“The Rundles business has a proven track record of excellence in client services for over 25 years. The principals and team are also much valued as part of the community. Through our rigorous selection process we have ascertained that the business and people are an excellent fit for the CountPlus network,” Rowe said.