A Countplus investee acquires part of the Canberra-based Deakin Alliance business.
Countplus has made its fifth tuck-in acquisition, after announcing its fourth tuck-in acquisition and ninth core acquisition just last month.
Beames & Associates Accounting and Financial Services (BAAFS), a Canberra-based Countplus investee, has acquired the accounting clients and operating assets of the Canberra-based Deakin Alliance business.
The total cost of $550,898 was settled with $300,000 in cash with the balance payable in two instalments over 12 months.
Deakin Alliance partner James Daniels will become a senior employee of BAAFS and will relocate to its nearby office.
BAAFS sees significant upside from the tuck-in acquisition as it reduces costs, while providing more timely compliance services as a lead into business consulting and financial planning opportunities, BAAFS founding principal Peter Beames said.
Countplus, the wholly owned subsidiary of Count Financial, purchased a stake in BAAFS on March 31, 2008.
Countplus chief executive Jeremy Wardell said the company has a solid pipeline of acquisitions ready for the year ahead.
"Our next core acquisition will go ahead on March 31, 2009," he said.
"We'll also have another tuck-in acquisition take place between now and then through one of our Wagga-based investees, and we've got five core acquisitions ready to go after March."
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