A CountPlus member firm has acquired the accounting revenues of a boutique advice firm.
ASX-listed CountPlus's subsidiary AdviceCo will pay $400,000 for accounting revenues of Arch Capital, a boutique wealth advisory firm offering SMSF, tax, accounting and wealth planning advice, founded by Nigel Baker in 2012.
AdviceCo will pay 65% of the purchase price upon completion depending on recurring revenues spread over 12 months, the firm announced on the ASX.
The transaction is another example of a "tuck-in acquisition" undertaken by CountPlus, in which a smaller company is integrated with a unit of a larger entity. In May this year, CountPlus paid $200,000 for Centenary Financial.
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In acquiring Arch Capital, CountPlus chief executive and director Matthew Rowe said "the transaction highlights the ability of CountPlus member firms to identify and acquire tuck-in opportunities."
AdviceCo managing principal David Evers said: "Our due diligence revealed Arch Capital to have a quality client base, which will bolster the account fee base of AdviceCo."
AdviceCo rebranded from Robson Partners in late 2019 and early this year welcomed two new principals: senior financial planner Christine Hallowes and senior accountant Debbie Bloffwitch.
They join Evers, Troy Marchant, Gerard Andrews, Steve Walker and CountPlus as shareholders of the firm.