COUNT LIMITED 
By Monday, 15 October 2012
COUNTPLUS ANNOUNCES STRATEGIC EQUITY PURCHASE Countplus is pleased to announce it has agreed to take a 25 percent interest in the highly successful South Australian professional services firm, Hood Sweeney.Hood Sweeney provide accounting, financial procurement, wealth management and information technology advice to individuals and small to medium sized business through its 3 offices in Adelaide, Whyalla and Kadina. They have 86 staff members and last financial year had revenues in excess of
$16 million.
Executive Chairman, Barry Lambert, said Countplus was pleased
to welcome Hood Sweeney as an extension to its national
professional services network.
"We have been impressed at Hood Sweeney's reputation on both
a local and national scale
and welcome it as a new aligned partner in our national
network," Barry said.
"With a focus on the key markets of Health, Agribusiness, SME
and Family Business, High Net Worth Individuals and
Self-Managed Super Funds, and a proven track record of
servicing and supporting clients, we believe Hood Sweeney
will continue to go from strength to strength."
"We have been impressed at Hood Sweeney's reputation on both
a local and national scale" Barry said, "Under the impressive
leadership of Managing Director, Matthew Rowe and their
senior management team, Hood Sweeney has successfully
developed a unique model of integrating its client services
to encompass accounting, business advisory, financial
planning, finance and technology services - and this level of
integration is the key differentiator between Hood Sweeney
and traditional accounting firms."
Hood Sweeney's Chairman, Andrew Holsman said he was very
pleased with the aligned partnership with the
well-established ASX-listed entity because it offered the
perfect platform for future expansion and further
strengthened Hood Sweeney's market position.
"Hood Sweeney has experienced significant growth over recent
years, ranking twice in the
BRW Top 10 fastest growing firms in recent years and while we
are pleased to be ranked the
34th largest accounting firm in Australia, it is
now time to prepare for the next stage in our
business and this aligned partnership will help us to achieve
that," Andrew said.
Andrew went on to add "Our clients can have confidence
knowing that they will continue to be
supported by the Hood Sweeney team and now also have the
additional backing of a national
Media Release - CUP 17 October 2012
business network which offers strong and sustainable
resources and aligns with our business
and customer service philosophies."
Countplus' consideration for the investment is a cash payment
of $3.75m with further performance based payments over 2
years. Settlement is expected to be completed before the end
of October 2012. The transaction is expected to be
immediately earnings per share accretive.
Under the agreement, Hood Sweeney will continue to operate
independently under its own Australian Financial Services
Licence and Australian Credit Licence, and Countplus will not
have any representation on the Hood Sweeney Board.
Hood Sweeney is a South Australian professional services firm
with 86 staff and offices based in Adelaide, Whyalla and
Kadina that provide accounting, financial procurement, wealth
management and information technology advice to individuals
and small to medium sized business.
Countplus is an ASX listed company that has a national
aggregation network of 20 professional services practices,
primarily providing accounting and wealth advisory services,
operating out of over 35 offices in 18 towns and cities
across Australia, with over 600 employees.
Barry Lambert Executive Chairman Countplus Limited Ph: 02 8272 0212
Email: barry.lambert@countplus.com.au
Michael Spurr Chief Executive Officer Countplus Limited
Ph: 02 8272 0223
Email: michael.spurr@countplus.com.au
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