CountPlus member firm to acquire and merge
CountPlus member firm Unite Advisory has finalised terms to acquire and merge with Bentley Brett and Vincent (BBV), an accounting and financial advisory firm based in Coffs Harbour.
The acquisition of BBV was structured as an initial cash payment of $1.445 million, with further deferred payments linked to incentive criteria in 12 and 24 months with a total maximum purchase consideration of $1.7 million.
As part of the merger, Veronica Bruce, BBV director, would join Victoria Studley and Hilary Acheson as a principal and shareholder at Unite.
Bruce would also become a financial adviser within Count Financial’s national advice community.
Studley, Unite managing director, said the merger would be a good cultural fit for the business and bolstered the services available to clients in their community.
“BBV is a quality practice that has always focused on developing lasting partnerships with their clients,” Studley said.
“We are excited to bring our businesses together and continue our ‘grow with certainty’ philosophy.”
Matthew Rowe, CountPlus managing director and chief executive, said the merger was an example of the opportunities that come from the ‘owner, driver – partner’ model.
“The acquisition and merger of Unite and BBV is another example of how we identify and invest in quality people and businesses,” Rowe said.
“The existing clients of Unite and BBV will have access to a larger team with substantial experience in accounting and financial advice services.
“Both businesses understand the unique challenges faced by people in the Mid North Coast and will come together to continue meeting those needs.”
AUTHOR
Chris Dastoor
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
