CountPlus has announced that Melbourne-based Member firm Kidmans Partners Wealth Pty Ltd (Kidmans) has completed a tuck-in acquisition to acquire the financial planning services of Colgin Financial Services Pty Ltd (Colgin).

The transaction strengthens the team at Kidmans and broadens its financial planning service offering. Consideration for the acquisition is $290,000, with $150,000 to be paid on completion and the balance dependent on recurring revenues over 24 months post completion.

Both Kidmans and Colgin are part of Count Financial’s national network of financial advice firms, and Colgin’s clients will transfer to Kidmans as part of an agreed succession plan.

Matthew Rowe, CEO and Managing Director at CountPlus said that the transaction was a positive result for both Kidmans and their incoming clients.

“Kidmans has a business model centred around a commitment to clients through a professional and personal approach to service. This transaction is also evidence of the opportunities that are available through the CountPlus network. Our national footprint means we can implement arrangements like this in a seamless manner without disruption to clients.”

Colin Flynn, the retiring Principal of Colgin, stated “Being part of the Count Financial network provided an opportunity to retire knowing my clients would be well served and continue to receive quality financial advice. The CountPlus succession planning model provides certainty in uncertain times in the financial advice sector.”

Kidmans will fund the acquisition with cash and the transaction is expected to be earnings accretive within the first year.