Twomeys will acquire the various client accounting-based services of Cultiv8 Accounting. Peter Maher from Cultiv8 will join Michael Gay, Jenny Officer, Matthew Paterson, Stephen Thurn, Kerrie Walsh, Jenna Fallon and Matthew Moon as shareholders in Twomeys.
CountPlus will retain a 62 per cent shareholding in Twomeys under its “Owner-Driver, Partner” model, and Michael Gay will be the managing director of the combined business.
“The CountPlus model works on identifying and investing in quality people and firms. Today’s announcement confirms our commitment to growth by quality acquisition as well as our Owner, Driver – Partner model with key talent in our firms,” said CountPlus CEO Matthew Rowe.
“I am delighted to welcome Peter Maher to the CountPlus network. He brings a wealth of experience and business development capability which is expected to accelerate the growth trajectory of Twomeys.”
The acquisition of Cultiv8 is structured as an initial cash payment of $0.3 million, with a further deferred payment linked to incentive criteria to be made in 12 months. The acquisition provides Twomeys a strategic growth opportunity in Young, NSW. CountPlus will receive a cash payment of $1.1 million for the sale of 38 per cent.
CountPlus will receive a cash payment of $1.1 million for the sale of 38 per cent equity in Twomeys.
