Count Limited equity partner firm O’Brien Accountants & Advisors has announced the purchase of the accounting client book of Kaias Phillips, a Melbourne-based accounting firm. Consideration for the transaction is $2.1 million.
Kaias Phillips has recurring accounting revenues of $1.75 million and, following the completion of the transaction, Count will retain a 40 per cent shareholding in the combined entity.
Two members of the Kaias Phillips team, Andrew Cust and Helena Golby, will join O’Brien as employee shareholders and the remaining two vendors, Van Kaias and Bill Scapas, will take up consulting roles to support integration activities between the two entities.
Mark O’Brien, managing principal at O’Brien, said the acquisition would boost their team and community.
“Both O’Brien and Kaias Phillips have long, proud histories dating back to the 1970s and a reputation for delivering quality services to our loyal clients. We are excited to be adding experience and expertise to our team that will ultimately make us a better business,” he said.
Count has been busy with acquisitions this year, announcing the acquisition of 4Front, a Brisbane-based professional services and advisory business, for nearly $1 million last month.
Commenting at the time of the announcement, Count chief executive Hugh Humphrey said the acquisition continues Count’s recent growth momentum within its advice network.
“We are always looking at ways to expand our community and that strategic focus includes supporting our member firms with their growth aspirations. We are delighted to welcome Mark and the team who bring experience, expertise, and a like-minded culture to 4Front,” Humphrey said.
Earlier in the year, Count Limited’s equity firm Count Gold Coast announced the acquisition of Jonathan Grant Accountants (JGA), paying a combination of cash and shares valued at $1.4 million, giving Count a 66.51 per cent holding of the expanded Gold Coast business.
Speaking at the time, Humphrey said the extensive experience of the JGA team in servicing their local community makes the acquisition mutually beneficial for firms and their clients.
“The addition of Jonathan, Grant and the JGA team to our existing Coolangatta team, positions Count Gold Coast as the leading professional services firm in the southern Queensland/northern New South Wales market,” Humphrey said.
