Azimut’s Australian subsidiary, AZ Next Generation Advisory, today signed a binding sale and purchase agreement to acquire the entire capital of McKinley Plowman Group, worth A$7.4bn.
The agreement includes a share swap of 49% of MP’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the partners in cash over a period of two years.
MP was founded in 1997 by Nigel Plowman and Murray McKinley in Joondalup in Perth, Australia. Starting out as a general accounting firm, it has established itself as one of the most successful and respected financial services company in Western Australia.
The team now includes accountants and taxation experts, along with dedicated business improvement, wealth, property, pension transfer, self-managed superannuation, marketing and finance specialists.
The total value of the transaction considering both the cash and share swap entails a purchase price of around A$15m (equivalent to €9.2m). MP operates under the Australian Financial Services License regime overseen by ASIC; the acquisition is not subject to the approval of the local authority.
Sergio Albarelli, CEO of Azimut Holding, said: “Our growth path continues in Australia, where we have a solid pipeline and where we are growing in terms of size and diversification. Thanks to this transaction we add new skills with strong professionals, further diversifying the product offering for our customers.”