Just weeks after finalising its acquisition of Count Financial, Countplus has added another advisory business to its network.
CountPlus announced to the Australian Securities Exchange (ASX) today that one of its member firms, Kidmans Partners had finalised terms to acquire the Victorian-based Latitude Advisory Services.
Commenting on the transaction, CountPlus chief executive, Matthew Rowe said it highlighted the focus of the company’s mergers and acquisition process.
“The CountPlus model works on identifying and investing in quality people and businesses and this acquisition by Kidmans reflects that model,” he said.
The transaction entails $0.9 million with 70% to be paid on completion and the balance over two deferred payments.
Kidman is a 67% subsidiary of CountPlus and will fund the acquisition through a combination of cash and external debt with the transaction expected to be earnings accretive in the first year.