AZ NGA buys stake in Melbourne financial advisory firm
AZ NGA has acquired a minority economic interest in Cranage Financial Group, the self-licensed Melbourne-based advisory firm founded by former footballer Paul Cranage.
The group, which was set up in 1984 and specialised in financial planning, property advice and mortgage broking, currently had $300 million in funds under management.
The firm has six financial advisers including Paul Cranage and three of his four children.
According to Paul Barrett, AZ NGA chief executive, the transaction highlighted the capability and capacity of AZ NGA to structure deals to meet the business’ immediate and longer-term needs and objectives, whether this was for succession planning, capital for growth, and/or banking and debt solutions.
Under the terms of the deal, AZ NGA would provide board, governance and management support.
“The team at Cranage, led by Ben, Sam and Laura, are passionate about delivering high quality advice, serving the needs of their clients, and continuing to build a strong business,” Barrett said.
“This is a dynamic business with a clear vision and ambitious goals for the future, and a keen desire to partner with an experienced business and capital partner to help them get there.”
Since 2015, AZ NGA had completed 90 transactions.
AUTHOR
Oksana Patron
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
