Barrett’s AZ NGA acquires planning business
Paul Barrett-led, Italian-backed AZ Next Generation Advisory (AZ NGA) has again expanded its footprint, this time through the acquisition of Farrow Hughes Mulcahy Financial Services (FHM).
AZ NGA signed a binding sale and purchase agreement to acquire the entire capital of FHM on Thursday that included a share swap of 49 per cent of Farrow Hughes Mulcahy’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years. The remaining 51 per cent stake will be paid to the founding partners in cash.
Barrett said FHM was a natural fit and was led by highly experienced financial planners.
FHM financial planner, Daniel Mulcahy, said: “It’s great to be able to secure our futures using this long-term succession solution and ‘de-risk’ our succession in a volatile, competitive market”.
“This, combined with being part of a group of planners whom we respect and admire, make us very excited about the future of FHM,” he said.
The FHM team currently has eight advisers and has been providing wealth accumulation and protection advice for over 25 years.
AZ NGA said it had shortlisted a number of financial planning firms for further potential consolidation.
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