COUNT LIMITED 
By
Monday, 15 October 2012
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" 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."
The transaction represents the first made under Countplus'
new progressive acquisition model, in which an initial
minority interest is taken. The model allows Principals to
retain a direct interest and can more easily facilitate the
entry of new Principals into an equity position, as well as
reducing acquisition risk for 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.
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
ASX Announcement - CUP 1 15 October 2012
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. See attached Media Release for more information.
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
ASX Announcement - CUP 2 15 October 2012
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