In a statement to the market on Monday, CountPlus said it would sell its 61 per cent stake in Brisbane accounting and advice group Specialised Business Solutions (SBS) to Gold Coast practice The MBA Partnership, in which CountPlus also owns a majority stake.
CountPlus said it had conducted a review of its ownership stake in SBS and concluded that it “[could] not add strategic value to this firm due to its relative size”.
The stake being sold in the firm was worth a maximum of $1.25 million with an initial upfront payment and the balance being dependent on recurring revenues for the 12 and 24-month period post completion, CountPlus said.
“The transaction is expected to be strategically beneficial for CountPlus and provide The MBA Partnership with a foothold in Brisbane as part of the firm’s growth plans,” CountPlus said.
CountPlus chief executive Matthew Rowe said the acquisition would also benefit SBS staff, who would benefit from the “strong culture and significant experience” of The MBA Partnership’s leadership team.
“This is a positive outcome for the existing team at SBS, who will benefit from MBA’s proven track record of high-quality accounting and advice solutions,” Mr Rowe said.
