CountPlus, an Australian network of professional accounting and advice firms, has acquired a 30% interest in DMG Financial Holdings, an accounting and financial planning firm.
The company has invested A$2.891m (around $2m) for the acquisition of the stake in DMG Financial, which is based in Sale, Victoria (Gippsland).
DMG Financial is said to be one of the largest accounting and financial planning firms in the Gippsland area with seven shareholder principals.
CountPlus, which was launched as a subsidiary of Count Financial in 2006, said that the acquisition will extend the company’s network from 19 to20 member firms.
The company expects the acquisition to be earnings accretive in the first year.
DMG Financial’s existing key principals and management personnel will continue in their respective places after the transaction and will work with the company to ensure sustainable growth assisted by the ‘Owner-Driver, Partner’ model.
DMG Financial managing principal Mathew Johns said: “CountPlus is a network that puts the client at the centre of everything, and that belief mirrors the DMG way of doing business.
“We very much look forward to continuing to provide a vital service for our clients across the greater Gippsland region, while availing of the strategic vision, resources and capabilities of the CountPlus network.”
CountPlus Chief Executive Officer Matthew Rowe said: “The CountPlus ‘Owner-Driver, Partner’ model allows for businesses to retain their identity while simultaneously working with CountPlus to sustainably grow their businesses.
“The investment in DMG is a model example of this strategy in operation, and we look forward to working with the DMG team on building for their future.
“The CountPlus model only allows for quality firms that meet the highest standards to join, and we are excited that DMG will be joining our network.”
The company invests in successful accounting and advice firms across Australia through equity partnership. It partners with accounting and advice firms to provide strategic support, funding capital, scalable benefits and succession planning.