ASX-listed accounting and advice network CountPlus has today announced its acquisition of a Melbourne accounting and financial planning business.
CountPlus as acquired a 40 per cent interest in Rundles Prime and a 20 per cent interest in Rundles Financial Planning.
The acquisition extends the CountPlus network from 17 to 18 member firms and is expected to be earnings accretive in the first year. Consideration for the investment is a cash payment of $2.48 million.
The existing key principals and management personnel of Rundles will remain in place and together with CountPlus will seek sustainable growth assisted by the CountPlus owner-driver partner model.
“We are pleased to welcome the team at Rundles into our community of firms, they are a high-quality professional practice and have an extensive track record in delivering value to clients,” CountPlus CEO Matthew Rowe said.
Rundles is a Melbourne CBD-based accounting practice with over 25 years in business. The principals of Rundles will retain 60 per cent of the firm under CountPlus’ owner-driver partner model.
“The Rundles business has a proven track record of excellence in client services for over 25 years. The principals and team are also much valued as part of the community. Through our rigorous selection process we have ascertained that the business and people are an excellent fit for the CountPlus network,” Mr Rowe said.
Rundles senior principal, Mark Lisle, echoed the enthusiasm for the new partnership: “The investment by CountPlus represents a new phase for our firm as we continue to provide personalised and professional services to our clients. We value the opportunity to be part of the CountPlus community and the benefits that will accrue for our clients and people as a result.”
CountPlus has shifted from a model of 100 per cent ownership of firms acquired, and moved to the ‘Owner-Driver, Partner’ model. The new model allows the individual firm principals to own and drive their firms without loss of identity, while partnering with CountPlus using agreed team rules, shared processes and controls, improved funding and economies of scale.
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