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Countplus makes first acquisitions

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Countplus has made its first equity stake acquisitions.
Count Financial (Count) has made its first equity stake acquisitions through its wholly-owned subsidiary Countplus.

In a statement released to the Australian Securities Exchange, Count chairman Barry Lambert confirmed the group had made two purchases - a business based in Perth and a business based in Queensland.

"Both businesses are existing Count franchises with strong performance records and located in markets where further strong growth is expected," Lambert said.

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The total cost of $2.29 million of a 25 per cent interest (including net business assets) was settled with $0.46 million in cash and $1.83 million in Count shares.

Countplus has an option to buy the remaining 75 per cent of the two businesses after 1 July 2011.

Lambert said the company expects to make further announcements in the coming months.

Last month Lambert announced Countplus was on track with two deals expected in December, a third in January and the target of 10 by 30 June 2008 likely to be met.

Countplus takes equity stakes in accounting businesses that have or will have a financial planning division. Countplus plans to reach EBIT of $25 million before a public listing.

 

Countplus makes first acquisitions
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