Count divests Bentleys WA business
Count has divested the Bentleys WA business for a lower purchase price than initially forecast.
The licensee previously stated on 28 February that it had entered into a strategic partnership with Fortuna Perth, part of Fortuna Advisory Group, to divest 100 per cent of Bentleys Western Australia.
At the time, the purchase price was set at $1.1 million prior to any relevant adjustments, and it was scheduled to close before the end of March.
However, in April, Count said the proposed divestment had not completed by the cut-off date due to non-satisfaction of the conditions precedent and it was therefore in talks with other parties.
“Count continues to have discussions with various parties and are exploring other strategic options including but not limited to the sale of the business.”
This week, the firm confirmed it had now successfully divested the business for $0.7 million, $400,000 less than the initial sum, to an unnamed buyer.
In an ASX statement, the firm said: “Count announces it has divested the Bentleys WA business for a total consideration of $0.7 million prior to any relevant post-completion adjustments with the transaction completed on 28 June 2024.”
Bentleys Western Australia incurred an EBITA loss of around $584,000 in the first half of FY23–24 and a net profit after tax of $427,000.
Count has been on an M&A spree in the past year, most notably merging with rival licensee Diverger to create the third-largest licensee behind AMP and Insignia.
The firm said it expects to see annualised cost savings of $4 million from the merger to be announced in FY25. This is a 33 per cent increase on the previously forecast sum of $3 million, announced at the time of the transaction.
It has also acquired a majority stake in a Gold Coast accounting business and acquired Solutions Centric, an Australian company that provides offshore accounting, tax and self-managed superannuation fund (SMSF) services out of India.
AUTHOR
Laura Dew
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
