Accountant and adviser group CountPlus will take a 49% stake in Southern Cross Business Advisers, an accounting firm based in Mildura, Victoria.

The group says it has finalised terms to acquire the minority holding for $2.79 million, made up of an initial cash payment of $2.23 million.

The outstanding amount will be paid in 12 months, subject to certain financial performance targets being met.

“This partnership with [Southern Cross Business Advisers] is another example of how we identify and invest in quality people and businesses,” CountPlus CEO and MD Matthew Rowe said.

Southern Cross Business Advisers generated $6 million in accounting revenue in the last financial year.

Managing Principal Noel Costa will continue to lead the business and existing key principals will remain as shareholders.

“CountPlus is a client-centric business that mirrors the [our] way of doing business,” Mr Costa said.

“We look forward to continuing to provide a vital service for our clients across regional Victoria, while accessing the resources and capabilities of the CountPlus network.”