CountPlus has announced that Melbourne-based member firm O’Brien Accountants & Advisers (O’Brien) has completed a tuck-in acquisition to acquire the accounting services of Hillard O’Donnell and Associates (Hillard O’Donnell).
As part of the transaction, Damian O’Donnell, principal at Hillard O’Donnell, will acquire an equity interest in O’Brien under the CountPlus owner-driver-partner model.
Consideration for the acquisition is $570,000, with an initial upfront payment and the remainder to be paid in 12 months and 24 months based on minimum revenues obtained.
Matthew Rowe, chief executive and managing director at CountPlus, said that the transaction was a positive result for the respective teams at O’Brien and Hillard O’Donnell.
“There is a natural alignment and cultural fit between O’Brien and Hillard O’Donnell. Both businesses have robust capabilities within their team and strong reputations in their respective communities,” Mr Rowe said on the acquisition.
“Hillard O’Donnell has a client-centric service offering which is a central tenet of alignment with the CountPlus values and purpose.”
CountPlus’ shareholding in O’Brien is unchanged from the transaction.
The deal builds on CountPlus’ acquisition of a NSW firm earlier this year to expand their regional NSW offering.