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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.