CountPlus has finalised terms to acquire a 49 per cent shareholding in Southern Cross (SCBA), a Mildura-based accounting firm with a presence in Melbourne.
The total purchase is said to add up to $2.793 million, with an initial cash payment of $2.234 million. The remainder will come in a deferred payment in 12 months, assuming financial performance targets are met.
According to CountPlus, the merger demonstrates the success of its Owner, Driver-Partner equity model.
“This partnership with SCBA is another example of how we identify and invest in quality people and businesses,” said Matthew Rowe, CEO and managing director of CountPlus.
“The existing team and clients of SCBA will see the benefits that come with the support of our partnership model and the intellectual and financial capital that comes with our partnership approach.”
SCBA generated accounting revenue of $6 million in the last financial year.
CountPlus confirmed that the transaction will not impact the business structure of SCBA much, with Noel Costa set to remain at the helm of the firm as managing principal, alongside existing key principals staying with the business as shareholders.
SCBA is hopeful the partnership will deliver a number of benefits for regional Victorians.
“CountPlus is a client-centric business that mirrors the SCBA way of doing business,” said Mr Costa.
“We very look forward to continuing to provide a vital service for our clients across regional Victoria, while accessing the resources and capabilities of the CountPlus network.”
CountPlus’ share price was at $0.93 at the ASX close on 31 August, flat on its previous close of $0.94 the day before.
