Dealer group CountPlus has increased its adviser network following its acquisition of a 30 per cent interest in one of the largest advice firms in the Gippsland area.
The acquisition of DMG Financial extends the CountPlus network from 19 to 20 member firms and is expected to be earnings accretive in the first year, with consideration for the investment of a cash payment of $2.89 million, according to a statement.
Upon completion of the acquisition, DMG Financial will have seven shareholder principals.
The existing key principals and management personnel of DMG Financial involved in the accounting and financial businesses will remain in place and together with CountPlus will seek sustainable growth assisted by the CountPlus ‘owner-driver, partner’ model.
“The CountPlus ‘owner-driver, partner’ model allows for businesses to retain their identity while simultaneously working with CountPlus to sustainably grow their businesses. The investment in DMG Financial is a model example of this strategy in operation, and we look forward to working with the DMG team on building for their future,” said CountPlus chief executive Matthew Rowe.
“The CountPlus model only allows for quality firms that meet the highest standards to join, and we are excited that DMG Financial will be joining our network.”
DMG Financial managing principal Mathew Johns echoed Mr Rowe’s enthusiasm for the new partnership.
“CountPlus is a network that puts the client at the centre of everything, and that belief mirrors the DMG way of doing business,” Mr Johns said.
“We very much look forward to continuing to provide a vital service for our clients in the Gippsland region, while availing of the strategic vision, resources and capabilities of the CountPlus network.”
This investment in DMG is the third growth announcement by CountPlus following the acquisition of Latitude Advisory Services by CountPlus-owned firm Kidman Partners, and the completion of the Count Financial acquisition.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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