AZ NGA acquires stake in Melbourne accounting firm
AZ Next Generation Advisory has announced the acquisition of a strategic stake in Victorian accounting and advisory firm McLean Delmo Bentleys.
Based in Melbourne, McLean Delmo Bentleys was part of the Bentleys Network, which recently ranked twelfth in the Australian Financial Review’s Top 100 Australian Accounting Firms.
The firm employed some 90 staff across wealth management, auditing, insurance, and accounting, with an additional five mortgage broking staff and numerous outsourced personnel.
“For AZ NGA, there are only two reasons to enter into a strategic partnership: capability and capacity. McLean Delmo Bentleys offers both,” said Paul Barrett, chief executive at AZ NGA.
“They are a clear leader in the mid-tier accounting space and this is a significant and important deal for us.”
He elaborated: “This business has been around for over 50 years, it has a great reputation and rock solid foundations but it still maintains a strong appetite for growth and is looking to the future.”
John Delmo, chairman of McLean Delmo Bentleys, believed this strategic partnership would present growth opportunities, the ability to invest in technology solutions, build a national brand offering accounting and advice, and enhance client value proposition. The firm currently had over 2,000 clients.
“The war for talent is making things very difficult for some accounting and advice businesses and many are looking for a partner with capacity and the ability to help them better serve their clients,” he stated.
“Our size and scale puts us in a unique position. We are able to provide structure, systems and processes, and opportunities for staff career development and progression.
“With AZ NGA, we’re in an even stronger position to attract accounting, advice and wealth management businesses.”
He added that, while accounting represented the majority of the firm’s revenue, they had expanded their focus to wealth management and financial advice in the last few years. In 2022 alone, McLean Delmo Bentleys made three acquisitions.
“We have ramped up our focus on financial advice and wealth management in the past few years, and we believe they will be significant growth engines going forward,” Delmo said.
AUTHOR
Rhea Nath
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