Count completes two strategic transactions

Count has announced it has successfully completed two strategic transactions, including its investment in large Victoria-based accounting firm, Bruce Edmunds & Associates, and the merger of Crosby Dalwood and Warnecke & Co in South Australia.

In the announcement to the ASX, the financial planning firm said it would now own 40% of Bruce Edmunds.

Its investment in the accounting firm, which has been a family business serving south-east Melbourne communities for more than 57 years, was first announced to the ASX in July.

According to the terms of the deal, Count said last month it would acquire a 40% stake with 70% payable on completion and 30% deferred 12 months post-completion, subject to an agreed EBITA hurdle, with Stephen Edmunds expected to continue in his role as managing director.

In June, Count advised that Adelaide-based advisory firms Crosby Dalwood and Warnecke & Co would merge, with the new entity with expected combined revenues of approximately $4.7 million to operate under the Count brand.

Warnecke is an accounting and financial planning firm owned equally by Peter Burrows and Tony Naccarella who will join the merged business as shareholders and principals with each owning 25% of the merged entity.

Burrows will take on a role of the managing principal of the new entity and Helga Baxter from Crosby Dalwood will become head of financial planning while Naccarella would serve as head of accounting.

Count owns currently 45% of Count Adelaide, with the new entity becoming four Count-branded firms in Australia.

“These two strategic transactions are further evidence of the disciplined execution of our growth and transformation strategy,” Count’s chief executive, Hugh Humphrey, said.

“Bruce Edmunds and Count Adelaide are both businesses centred around a passion for their clients. They have a strong cultural fit to our national network of firms that give clients the confidence to look ahead.”