Listed financial services firm Count Financial has purchased a 25 per cent share in former Genesys Wealth Advisers firm Cooper Reeves.
The total cost of $1 million for a 25 per cent interest (including net business assets) was settled with $200,000 in cash and $800,000 in Count shares.
Countplus has an option to buy the remaining 75 per cent of the business on agreed pricing and at its discretion from July 1, 2011, or by agreement before that time.
"Like many of our other investees to date, the business has a relatively young but highly experienced principal team, such as the business founder Paul Cooper, who in his forties, is currently a Board Director of CPA Australia, having also been the past President of its Queensland Division," Countplus's chief executive Jeremy Wardell said.
Cooper Reeves has revenue of approximately $4 million per annum and has funds under advice of $30 million.
The stake purchase in Cooper Reeves was made by Count's subsidiary, Countplus.
