CountPlus has announced the acquisition of a 40 per cent interest in Rundles Prime Pty Ltd and a 20 per cent interest in Rundles Financial Planning Pty Ltd.
The principals of the 25-year-old Melbourne-based accounting practice will retain 60 per cent of the firm under CountPlus’ owner-driver partner model.
The existing key principals and management personnel of Rundles will remain in place.
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 $2.481 million.
The latest acquisition marks CountPlus’ third acquisition in six months, following a minority stake in Victoria-based O’Brien Accountants & Advisors last year after its change in business model, and the acquisition of Coffs Harbour firm Kerry Albert & Co earlier this year.
CountPlus chief executive Matthew Rowe said that the investment was another step in the ASX-listed business’s turnaround strategy.
“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.
“We are focused on realising our vision to become Australia’s leading network of professional accounting and financial advice firms, aligned through shared values, mutual success and our sense of community. This investment in Rundles is another encouraging step towards our vision reaching fruition.”
Jotham Lian is the editor of Accountants Daily, the leading source of breaking news, analysis and insight for Australian accounting professionals.
Before joining the team in 2017, Jotham wrote for a range of national mastheads including the Sydney Morning Herald, and Channel NewsAsia.