Kelly Partners Group Holdings (ASX:KPG) completed a partnership with James Howard Accountancy, where a wholly-owned unit of Kelly Partners will acquire 50.1% of the business, with the remaining 49.9% held by all three existing equity partners of the business under a "partner-owner-driver" model, according to a Friday Australian bourse filing.
The California-based certified public accountants' existing equity partners made long-term commitments to the new partnership, with two partners committing to five years and one to 10 years.
The firm added that together with its business in Florida and North Carolina, it now services around 8% of all franchisees who own and operate McDonald's restaurants in the US, as well as franchisees that own around 10% of McDonald's restaurants in Australia.
Its shares rose 2% in recent trading on Friday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.