Count Limited has announced that equity partner firm Kidmans Partners has acquired Zanacorp, an integrated accounting and financial advisory firm based in Elsternwick, Victoria.
Consideration for the acquisition is $2.1 million with 70 per cent paid upon completion and the remaining balance deferred over a two-year period.
Count said the business is expected to be earnings accretive on completion of the deal.
The founder and managing director of Zanacorp, Joseph Zanca, will join Kidmans as a principal and said he looks forward to continuing to provide professional services to clients.
Speaking on the announcement, Zanca said he is pleased to be joining the Count community.
“Kidmans is an outstanding business with a client-first approach that aligns closely with our values. This is an exciting new chapter for our business with Kidmans and Count and will expand the skillset offered to our clients with the support of one of Australia’s leading financial services companies,” Zanca said.
Ross Hedrick, managing director at Kidmans, said the acquisition will benefit both the business and its clients.
“Zanacorp has been delivering quality accounting and advisory services since 1989 and has a strong reputation in the community. We are excited to bring Joe and his clients into Kidmans,” Hedrick said.
As a result of this transaction, Kidmans will have 58 employees and more than $10.5 million in annual revenues.
This acquisition continues Count’s current growth strategy and follows its recent announcement that another equity partner, O’Brien Accountants and Advisors, purchased the accounting client book of Melbourne-based accounting firm Kaias Phillips last month.
Consideration for the transaction was $2.1 million and the acquired client book had $1.75 million in recurring revenue. Upon completion of the deal, Count will retain a 40 per cent shareholding in the combined entity.
Earlier in the year, Count also acquired Brisbane-based professional services and advisory business 4Front for nearly $1 million.
Commenting at the time of the announcement, Count chief executive Hugh Humphrey said the acquisition continues Count’s recent growth momentum within its advice network.
“We are always looking at ways to expand our community and that strategic focus includes supporting our member firms with their growth aspirations. We are delighted to welcome Mark and the team who bring experience, expertise, and a like-minded culture to 4Front,” Humphrey said.
