AZ NGA continues buying spree
Paul Barrett's AZ Next Generation Advisory (NGA), is continuing its expansion, acquiring a 51 per cent stake in Melbourne-based advice firm, Financial Lifestyle Planners (FLP).
The deal, announced yesterday, is the fourth by AZ NGA since May, when Barrett acquired Eureka Whittaker Macnaught and Pride Advice, followed by Lifestyle Financial Planning Services (LFPS) in July.
Under the deal, AZ NGA has acquired 51 per cent of FLP from Craig and Lisa Ralph, with the agreement including a share swap of 49 per cent of FLP's equity for AZ NGA shares.
AZ NGA chief executive, Barrett, said the latest acquisition extended its geographical reach.
"FLP is a welcome addition to the AZ NGA network," he said.
"Craig, Lisa and the team have built a highly successful firm based on their many years of experience creating and managing financial planning enterprises and delivering first class service to their client."
The Ralphs established FLP as a pure fee-for-service practice in 1997 and provides services to more than 300 clients, with in excess of $100 million in assets under management.
Barrett added that AZ NGA had short-listed a number of other planning firms for potential consolidation and said he expected to announce another deal next month.
AUTHOR
Nicholas O'Donoghue
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