Count continues acquisition spree with Gold Coast firms

The Queensland-based equity partner – which Count Group has a 69.2 per cent ownership of – is set to acquire the accounting clients of MJG Partnership and Harrison & Harrison.

The two practices are both located in Queensland and offer accounting, taxation, bookkeeping, and lending services.

According to Count, the transactions will bring in additional recurring revenues of $2.8 million, driving Count Gold Coast to achieve an annualised revenue of approximately $18 million following completion.

“This is consistent with Count’s stated strategy of creating a portfolio of scale equity partnerships,” the ASX announcement said.

Earlier this year, Count CEO Hugh Humphrey said its inorganic growth strategy was divided into four parts: direct investments, transformational investments, bolt-on opportunities and equity partnership mergers.

The firm completed six acquisitions in the first half of FY2024–25, four of which were equity partnerships. Humphrey said Count typically completes an acquisition every three to four weeks.

The two accountancy acquisitions are expected to reach completion by July 2025 and will allow their financial advisers to access new engagement opportunities through added scale.

“The transactions provide MJG and Harrison & Harrison clients with access to a diversified portfolio of market leading services within the Count network,” it said.

Last month, it also announced that Adelaide-based financial planning and accounting firm Johnston Grocke had entered into a binding transaction to merge into Count Adelaide, which Count holds a 45 per cent share in.

Johnston Grocke was founded in 1990 by Doug Johnston and John Grocke, with a life insurance background and later expanded into financial planning and accounting in 1995.

The South Australian practice generates $3.8 million in new revenue, with approximately 60 per cent of this driven by financial advice. Count said the transaction will significantly enhance its service offerings and market presence in South Australia.

“The merger represents an important development for Count Adelaide, with the combined business approaching $10 million in revenues, up substantially from $2.8 million in financial year 2023,” the ASX announcement said in April.

“The transaction delivers a step-change in the financial planning business and is consistent with Count’s strategy of creating a national footprint of large, scaled equity partnerships.”

Following completion of the deal, Count will increase its holding in Count Adelaide from 45 per cent currently to 65 per cent in FY25–26.