Maintaining its expansion trend, Count Limited’s equity firm, Count Gold Coast, has announced the acquisition of accounting firm Jonathan Grant Accountants.
Having opened in 2004, the accounting firm operates from its office in Burleigh Heads servicing South-East Queensland communities and has recurring revenues of around $1.3 million.
Count will pay a combination of cash and shares valued at $1.4 million and, upon completion, the firm will hold 66.51 per cent of the expanded Gold Coast business.
To maintain service continuity, owners of JGA, Grant Robinette and Jonathan Hanaghan, will join Count Gold Coast as principals and shareholders based in its Coolangatta office.
Count chief executive Hugh Humphrey said the extensive experience of the JGA team in servicing their local community makes the acquisition mutually beneficial for firms and their clients.
“Count Gold Coast and JGA are two leading professional service firms, each with more than 20 years’ experience servicing clients on the Gold Coast,” Humphrey said.
“The addition of Jonathan, Grant and the JGA team to our existing Coolangatta team, positions Count Gold Coast as the leading professional services firm in the southern Queensland/northern New South Wales market.”
Count has also announced the completion of its investment into Solutions Centric, initially announced in February, acquiring 51 per cent of the business.
Solutions Centric is an Australian company operating out of India that provides offshore accounting, tax, and SMSF services.
Based on the enterprise valuation of $4.1 million, Count will pay an upfront consideration of $1.6 million and the remainder over 12 and 24 months.
“The acquisition further expands Count’s services segment proposition to complement existing group services that support account and financial services businesses (IT and offshore capabilities), along with actuarial certificates, SMSF and tax training and education,” Count said.
In addition, Count also announced it has not completed its 100 per cent divestment of Bentleys (Western Australia) Pty Ltd to Fortuna as was expected by the end of the last month due to “non-satisfaction of the conditions precedent”.
The divestment is part of its agreement to enter into a strategic partnership with Fortuna Perth Pty Ltd, part of Fortuna Advisory Group, initially announced on 28 February.
According to the initial announcement, the agreement would have Fortuna paying approximately $1.1 million to Count for 100 per cent investment into Bentleys.
Count is continuing discussions with relevant parties to explore other options including, but not limited to, the sale of Bentleys.
