CountPlus transaction drives internal scale

Countplus/matthew-rowe/

10 November 2020
| By Mike |
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Publicly-listed financial planning group, CountPlus has exited its majority shareholding in one of its member firms, Specialised Business Solutions (SBS) to another member firm in which it holds a majority stake.

The move appears squarely aimed at driving CountPlus firms to greater scale.

The company announced to the Australian Securities Exchange (ASX) that it had finalised terms to dispose of its 61.28% interest in SBS with the stake being acquired by MBA Partnership Pty Ltd in which CountPlus holds a 62.03% stake.

CountPlus said the transaction followed a review of the SBS shareholding and a decision being taken that the company could “add strategic value to this firm due to its relative size”.

The ASX announcement said that consideration for the disposal was a maximum of $1.25 million, with an initial upfront payment and then the balance dependent on recurring revenues for the 12-month and 24-month period post completion.

The announcement said the transaction was expected to be strategically beneficial for CountPlus and provide the MBA Partnership with a foothold in Brisbane as part of the firm’s growth plans.

Commenting on the transaction, CountPlus managing director and chief executive officer, Matthew Rowe said it would create benefits for SBS employees and clients.

“The MBA Partnership is a large practice with a strong culture and significant experience within its leadership team,” he said. “This is a positive outcome for the existing team at SBS who will benefit from MBA’s proven track record of high-quality accounting and advice solutions.”

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