CountPlus member firm Bentleys has completed the terms for a tuck-in deal to purchase 50% of the business of Stirling Partners from Onesixtwo.
The deal is valued at $1.09m, which involves an initial upfront payment. The remainder will be paid in 12 months based on the fulfilment of minimum revenues.
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As part of the deal, Stirling director Erich Pederson will move to Bentleys in the role of a principal.
With an accounting career spanning over two decades, Pederson focuses on offering taxation advice in relation to superannuation, retirement and estate planning. Moreover, he is a Fellow of the Financial Services Institute of Australia.
CountPlus CEO and managing director Matthew Rowe said: “The Bentleys acquisition of Stirling is the latest in a series of strategic investments in quality firms.
“This transaction will boost the capability within Bentleys and has upside for Stirling’s client base given the experience and expertise within the team at Bentleys.”
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By GlobalDataIn September this year, CountPlus member firm AdviceCo acquired the accounting revenues of boutique advice firm Arch Capital.
That deal was also termed as a tuck-in acquisition.
Last month, CountPlus reported $27m in gross cash and a $25m debt facility to pursue tuck-in acquisitions as well as owner, partner-driver growth opportunities.
Rowe said at the time: “Investors today heard that CountPlus, through its operational focus and financial discipline, is on track with its stated vision to become Australia’s leading network of professional accounting and advice firms.
“This is despite the currently challenging economic conditions, resulting from the COVID-19 pandemic. We remain confident that the Company can weather these challenges, but also take advantage of the numerous opportunities for growth we see in the dislocating financial advice sector.”
