Barrett’s AZ NGA takes another RI firm
The Paul Barrett led, Italian-backed financial planning play, AZ Next General Australia (AZ NGA) has further grown its presence with the acquisition of another RI-related practice, Melbourne-based planning firm, Empowered Financial Planners.
The company has confirmed it has signed a binding sale and purchase agreement to acquire the entire capital of Empowered Financial Planners (EFP) with the transaction including a share swap of 49 per cent of EFP's equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
Barrett pointed out that the latest transaction followed on from the recently announced deals reached with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Harvest Wealth, Wise Planners and RI Toowoomba.
He said the transaction represented a continuation of AZ NGA's objective of consolidating high quality Australian financial practices providing wealth management services to retail, high net worth and institutional clients in Australia.
The AZ NGA announcement said that Empowered Financial Planners was led by principals Jason Andrew, Bernie Cooney and Richard Owen and was responsible for $134 million in funds under advice.
Empowered Financial Advice was the recipient of the 2015 RI Advice Group Platinum Award.
The AZ NGA announcement said the transaction was consistent with the firm's long term business plan to continue to acquire high calibre businesses.
It said AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.
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