CountPlus Limited finalizes terms for the acquisition of Affinia Financial Advisers

Financial Advisers

SYDNEY, AUSTRALIA: CountPlus Limited (ASX: CUP) has finalised terms for the strategic acquisition of Affinia Financial Advisers Limited from TAL.

CountPlus’ market share in wealth will leap on completion adding more than 100 high quality advisers to CountPlus’ national community.

Affinia Financial Advisers has 75 practices including holistic financial advisory firms and risk specialists and on completion CountPlus will have around 400 advisers and $16.835 billion in funds under advice.

Consideration for the transaction is $3.373 million payable on completion. The transaction includes CountPlus receiving cash of $3.790 million as well as other non-cash net assets and acquired client relationships.

Affinia Financial Advisers generated net revenues of $3.029 million in the financial year ending 31 March 2022. Affinia will leverage Count Financial’s market-leading licensee proposition and a small number of key resources will transition to CountPlus to provide ongoing support to firms. Marcus O’Sullivan, Head of Affinia will support the transition and Steve Helmich, Chair of Affinia will be appointed to the Count Financial board following board approval.

In addition to the accelerated scale the acquisition brings, the deep risk advice capability presents an advantage for CountPlus, which has ambitions to grow its risk advice capability and revenues.

TAL has provided CountPlus with specific warranties and indemnities appropriate for a business of this nature and size.

Hugh Humphrey, Chief Executive Officer at CountPlus, said “this strategic acquisition clearly positions CountPlus as a major player in the future of wealth management in Australia.”

“The acquisition is terrific news for CountPlus investors and continues to evidence the disciplined execution of our growth strategy. It delivers the scale that we have clearly stated we are pursuing in Wealth and builds on our already stable base.”

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