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.

Last June, CBA announced plans to demerge its wealth management and mortgage broking arm.

The demerger will include CBA’s stake in CountPlus.