Market uncertainty has not fazed a coupleof financial planning dealer groups from making acquisitions, with Count Financial and WHK Group both acquiring new businesses.
Count’s wholly-owned subsidiary Countplus settled its seventh acquisition, with the purchase of a 25 per cent share in accounting and financial planning business Mogg Osborne.
The practice is Melbourne-based but also has an office in NSW.
“The business is the largest of its kind in the area and despite adverse drought conditions over several years has managed to grow and diversify its rural client base,” Countplus chief executive Jeremy Wardell said.
Countplus’ second acquisition was by its Perth-based investee, Lawrence Business Management (Lawrence), which acquired the legal practice of McDonald Pynt Lawyers.
“The scale of the combined legal practices provides the capacity and expertise to fully service the existing Lawrence client base and also to capitalise on any external opportunities provided by the Countplus accounting and financial planning network,” founding principal Joe Lawrence said.
Countplus’ share in Mogg Osborne cost $440,000, including net business assets, and was settled with $88,000 in cash and $355,000 in Count shares. The acquisition of Lawrence cost $675,000, including net business assets, and was settled with $177,500 in cash and $497,500 in Lawrence Legal Services shares.
WHK Group also made a number of tuck-in acquisitions, including two accounting firms, one business consulting group and one risk insurance book. The purchases were made under arrangements with WHK’s existing member firms.
WHK Garrotts acquired three Tasmanian based firms, including Total Business Consultants, Bonney Hortle and Partners, and a sole practitioner’s accounting business.
WHK has made about 27 tuck-in acquisitions to date.
