CountPlus extends its accounting footprint

Publicly-listed accounting and advice firm, CountPlus has further extended its footprint acquiring a 49% stake in Southern Cross Business Advisers which is based in Mildura and has a satellite office in Melbourne. 

CountPlus chief executive, Matthew Rowe described the transaction as being consistent with the firm’s “Owner, Driver – Partner” model. 

CountPlus said the total purchase consideration was $2.793 million with an initial cash payment of $2.234 million with the remainder being a deferred payment in 12 months subject to certain financial performance targets being met. 

It said that Southern Cross Business Advisers generated accounting revenue of $6 million last financial year. 

As part of the transaction, the existing key Principals will remain with the business as shareholders while Noel Costa will continue to lead the business as managing principal.