The financial services group continues to make further acquisitions, purchasing its first Sydney-based firm.
Count Financial has bought a 25 per cent stake in MBT Accounting Services, making the deal the tenth tuck-in acquisition for the firm.
The cost of the acquisition was $856,520. The deal was settled with $342,608 in cash and $513,912 in Count shares at a 12.5 per cent discount.
Countplus can buy the remaining 75 per cent of the business from 1 July 2010.
MBT has revenue of about $4.9 million per year with funds under advice of $120 million.
The business is led by founding principal Peter Barrow.
Located in Sydney, the accounting and financial planning business has clients including multinational corporations, small- to medium-size businesses and high net worth individuals.
Countplus chief executive Jeremy Wardell said the firm has seven tuck-in acquisitions in the pipeline, two of which will be finalised over the next month.
"It's good to be making such acquisitions in the current market and we see ourselves continuing to grow," he said.
A number of the firm's investee companies are also looking at tuck-in acquisitions, according to Wardell.
The Western Australia-based firm, Lawrence Business Management, will be finalising such an acquisition worth $1.7 million, he said.
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