CountPlus has acquired a 30 per cent interest in DMG Financial Holdings Pty Ltd.
The acquisition extends the CountPlus network from 19 to 20 member firms and is expected to be earnings accretive in the first year. Consideration for the investment is a cash payment of $2.891 million.
DMG Financial, an accounting and financial planning firm based in the Gippsland area, will see all existing principals and management personnel remain in place.
Upon completion of the acquisition, the firm will have seven shareholder principals.
The acquisition of DMG is the third growth announcement by CountPlus in recent weeks, following the news in October that CountPlus firm Kidman Partners had acquired Latitude Advisory Services, and the completion of the Count Financial acquisition on 1 October.
CountPlus chief executive Matthew Rowe said the announcement builds on its move towards a converged accounting and advice model.
“We firmly believe in the potential of the convergence of accounting and advice and are pleased to be able to continue to find firms to partner with that meet our expectations,” 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 DMG is another encouraging step towards achieving our vision.
“Our growth strategy focuses on identifying suitable businesses to partner with through our extensive vetting program and ensuring that all CountPlus firms match the CountPlus family photograph.”
DMG Financial managing principal Mathew Johns welcomed 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.”
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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.