CountPlus investment in Southern Cross Business Advisers
1 Sep 2021
CountPlus has finalised terms to acquire a 49% shareholding in Southern Cross Business Advisers (SCBA), a leading accounting firm based in Mildura with a satellite office in Melbourne.
The total purchase consideration is $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.
SCBA generated accounting revenue of $6 million in FY21.
As part of the transaction, Noel Costa will continue to lead SCBA as Managing Principal and existing key Principals will remain with the business as shareholders.
Matthew Rowe, Chief Executive Officer and Managing Director of CountPlus, said the merger was an example of the opportunities that come from the ‘Owner, Driver – Partner’ (OD-PTM) model.
“This partnership with SCBA is another example of how we identify and invest in quality people and businesses. The existing team and clients of SCBA will see the benefits that come with the support of our partnership model and the intellectual and financial capital that comes with our partnership approach.”
Noel Costa added that the partnership was a positive outcome for regional Victorians.
“CountPlus is a client-centric business that mirrors the SCBA way of doing business. We very look forward to continuing to provide a vital service for our clients across regional Victoria, while accessing the resources and capabilities of the CountPlus network.”