In a statement, CountPlus said Brisbane-based member practice Cooper Reeves had finalised terms to merge with accounting firm 4Front Holdings.
Under the merger, staff at the combined firm would increase from 26 to 53 and revenue would double to $9 million, the group said.
The transaction would result in current 4Front partner Drue Schofield being elevated to the position of chief executive, with Cooper Reeves managing principal Christine Robinson to assume the role of chief operating officer.
“The 4Front merger will strengthen both firms and provide the necessary scale and opportunities to leverage expertise, particularly in financial planning,” CountPlus said.
The listed advice group, which currently owns 100 per cent of Cooper Reeves, would retain a 51 per cent shareholding in the merged company, with six other 4Front owners to remain as equity partners.
“The merger of Cooper Reeves and 4Front is another example of how our model works on identifying and investing in quality people and businesses,” CountPlus CEO Matthew Rowe said.
“The existing clients of both 4Front and Cooper Reeves now have access to a larger team with substantial experience in accounting and financial advice services.”
Meanwhile, Ms Robinson commented that Cooper Reeves was excited to partner with such a client-centric practice.
“4Front is a quality practice with shared core values that place the client’s best interests as its fundamental business purpose,” she said.
“We are excited to bring the businesses together and offer valuable financial advice services to their existing accounting clients.”
