Count Financial (Count) will retain the Lonsdale Financial Planning Group (Lonsdale) brand if it is successful in its bid to acquire the financial services group.
Count Financial executive chairman Barry Lambert said the company is a serious bidder for Lonsdale, and is being advised through the process by former Lonsdale chief executive Andrew Wheeler.
“We’re very serious bidders. We’ve appointed Andrew Wheeler, who is advising us. He knows many of the accountants,” Lambert said.
Count became interested in buying the Lonsdale business after DKN Financial Group (DKN) put in its offer of purchase last week, Lambert told InvestorDaily.
“We weren’t approached by Lonsdale our offer is an unsolicited offer. We think Lonsdale is the best fit for Count,” Lambert said.
“We’re keen to secure the financial planning side of the business including their wrap component, which is a part of Zurich.
“We would maintain the Lonsdale brand. It’s a successful business; we see it as a value brand in the accounting marketplace.”
Count made a counter offer to buy Lonsdale Financial Planning Group just days after DKN announced it was in talks to acquire the group.
DKN stated late last week it was in talks to acquire Lonsdale Financial Group (Lonsdale) and portfolio administration service Wrap Account Limited (WAL).
Commenting on Count’s counter offer, DKN chief executive Phil Butterworth said: “We’ve got no response. It’s just part of the process.
“As far as we’re concerned nothing changes, we’re just continuing on.”
Lonsdale Financial Group chief executive Mario Modica confirmed the talks with DKN and said the offer from Count was received late Wednesday afternoon.
“We’ve received an offer from DKN and Count has made a counter offer,” Modica said.
Zurich Financial Services is the majority stakeholder in Lonsdale and wholly owns WAL
According to the latest IFA Dealer Group Survey, Lonsdale has 231 advisers and $8.2 billion in funds under management (FUM). Count has 913 planners and more than $12 billion in FUM.
