CountPlus member firm Twomeys has completed a tuck-in acquisition and undertaken an equity buyback program, acquiring client accounting-based services Cultiv8 Accounting.
Peter Maher from Cultiv8 will join Michael Gay, Jenny Officer, Matthew Paterson, Stephen Thurn, Kerrie Walsh, Jenna Fallon and Matthew Moon as shareholders in Twomeys, while CountPlus would retain 62 per cent shareholding under its “Owner – Driver, Partner” model.
The Cultiv8 acquisition would be structured as an initial cash payment of $300,000, with a further deferred payment linked to incentive criteria to be made in 12 months.
CountPlus will receive a cash payment of $1.10 million for the sale of 38 per cent equity in Twomey, and Mr Gay would be the managing director of the combined Twomeys/Cultiv8 business.
The acquisition will see Twomeys’ existing client footprint in Cootamundra, Harden and Cowra extended to Young, NSW.
Matthew Rowe, CountPlus chief executive, said the firm’s model worked on identifying and investing in “quality people and firms”.
“[The] announcement confirms our commitment to growth by quality acquisition as well as our Owner, Driver – Partner model with key talent in our firms,” Mr Rowe said.
This comes after CountPlus had eyed more advice firms as it saw its profits grew earlier this year.
The accounting network had reported that many advice firms were looking to sell despite a number of challenges in a fluctuating industry including an exodus of advisers.
“I am delighted to welcome Peter Maher to the CountPlus network. He brings a wealth of experience and business development capability which is expected to accelerate the growth trajectory of Twomeys,” Mr Rowe added.