360 Financial Advantage (360FA), a member firm of CountPlus, has agreed to buy 100% of Kerry Albert & Co, a Coffs Harbour, New South Wales-based financial advice business.
360FA will pay A$1.2m ($853.8m) for the deal, of which 70% will be paid on closing. The remainder will be paid in two tranches.
As part of the deal, the acquired entity’s principal Kerry Albert will remain in the role of a consultant.
Other employees of the acquired firm will also be retained.
Moreover, the Coffs Harbour practice of 360FA will now move to Kerry Albert & Co offices.
360FA will acquire the entire client base of the acquired business.
The deal does not include the audit fees generated by the New South Wales-based firm.
360FA managing principal Victoria Studley said: “Our due diligence revealed Kerry Albert & Co as a quality strategic fit and represents a strong alignment of cultural values, and professional client purpose.”
CountPlus expects the deal to be earnings accretive in the first year.
Commenting on the transaction, CountPlus CEO Matthew Rowe said: “CountPlus is focused on investing in high-quality accounting and advice firm partners and this acquisition represents a solid partnership in the Coffs Harbour region.”
Commonwealth Bank of Australia (CBA) owns Count Financial, which in turn holds a minority stake in CountPlus.
The demerger will include CBA’s stake in CountPlus.