Count expands Melbourne client book after buyout

Count has extended its presence in the Melbourne area, announcing that its equity partner firm, O’Brien Accountants and Advisors, has acquired the client book of fellow accounting and taxation services firm Kaias Phillips.

In an announcement to the Australian Securities Exchange (ASX) today, Count confirmed a final purchase price of $2.1 million for Kaias Phillips’ accounting book.

Count will also retain a 40% stake in the combined entity upon the completion of the transaction.

According to Count, Kaias Phillips’ accounting business brings in recurring revenues of around $1.75 million.

As part of the transaction, Kaias Phillips partners Andrew Cust and Helena Golby will join O’Brien as employee shareholders, while fellow senior partners, Van Kaias and Bill Scopas, will be retained as consultants to support the firms’ integration activities, Count said.

O’Brien managing principal Mark O’Brien welcomed the acquisition as a “boost” for the business, noting both firms’ “long proud histories dating back to the 1970s”.

“We are excited to be adding experience and expertise to our team that will ultimately make us a better business.”