Financial services firm CountPlus has bought a 40% stake in Melbourne-based accounting practice Rundles Prime and 20% stake in Rundles Financial Planning.
CountPlus bought the holdings for $2.48m in cash.
The deal increases CountPlus’ member firm network to 18.
Rundles senior principal Mark Lisle said: “The investment by CountPlus represents a new phase for our firm as we continue to provide personalised and professional services to our clients.”
Rundles’ key principals and management will be retained.
The firm’s principals will continue to own a 60% holding under CountPlus’ owner-driver partner model.
Under this model, a firm’s principals are allowed to maintain ownership of their firms without losing identity and team up with CountPlus leveraging shared processes.
CountPlus expects the transaction to be earnings accretive in the first year.
CountPlus CEO Matthew Rowe said: “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.”
Earlier this year, CountPlus, through its member firm 360 Financial Advantage, bought Kerry Albert & Co– a New South Wales-based financial advice firm.