Count Raises $25 Million to Buy 75% of Skybridge in Its Biggest Equity Partnership Yet

ASX-listed Count Limited has agreed to buy a majority stake in Skybridge, one of Australia’s largest combined accounting and financial planning firms, and has raised $25 million from institutional investors to help pay for it.

The deal

Count announced on Thursday 5 November that it had entered a binding agreement to acquire an initial 75% interest in Skybridge, which provides financial planning, accounting, tax, SMSF administration and bookkeeping from 16 locations across New South Wales, Victoria and Queensland. Skybridge brings 82 accountants, 13 financial advisers and $1.4 billion of funds under advice.

• Upfront consideration: about $29.6 million, made up of $25.6 million in cash and $4.0 million in Count shares.
• Deferred consideration: up to $3.3 million, subject to Skybridge achieving normalised EBITA of $8.8 million in the first 12 months after completion.
• Earn-outs: up to $5.8 million over 24 months, linked to further earnings milestones.
• Valuation: an implied enterprise value of $66.0 million for 100% of Skybridge, or 7.5 times the $8.8 million EBITA target.

Count said Skybridge generated about $29.0 million of revenue and $8.8 million of normalised EBITA in FY2026 on a pro forma basis, a margin of about 30.3%, and that the deal is expected to be mid to high single-digit EPS accretive before synergies on a FY2027 pro forma basis. Count is targeting about 70% ownership over time through a sell-down to existing and new employee shareholders.

The raising

On Friday 6 November, Count said it had completed the fully underwritten placement of about 15.9 million new shares at $1.57 each, a 5.4% discount to the last close of $1.66, with strong support from existing investors and select new institutional investors. New shares are expected to be issued and begin trading on Thursday 12 November. The balance of the price will be funded from cash, debt facilities and scrip.

A long history

“Skybridge is one of the largest and most operationally disciplined converged firms in the Australian market, and we are delighted to be partnering with Jason Birch and the team,” Count chief executive Hugh Humphrey said. He noted that Skybridge used Count Financial for licensee services from about 1995 to 2008, and that a 2005 loan from Count founder Barry Lambert funded Skybridge’s first acquisition.

Mr Birch will remain as founder and executive director, with Grant Duddle appointed managing principal; they and employee shareholders will retain 25%. Count said that after the deal it will have 115 employed financial planners, 490 accountants and about $44.4 billion in funds under advice. Completion is expected in the third quarter of FY2027, subject to conditions including ACCC approval or a notification waiver.

The deal is the latest example of consolidation among accounting and advice practices, as listed groups use equity partnerships to grow while founders keep a stake in their firms.

Sources: Count Limited ASX announcements, “Count Group to acquire majority interest in Skybridge and undertake placement” (5 November 2026) and “Successful completion of $25.0 million Placement” (6 November 2026).