AZ Next Generation Advisory (AZ NGA), the Australian subsidiary of Italian group Azimut, has signed an agreement for the full acquisition of Dunsford Financial Planning (DFP).
The agreement includes a share swap of 49% of Dunsford Financial Planning’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 founding partners in cash over a period of two years.
The total value of the transaction considering both the cash and share swap entails a purchase price of around A$6.1m (€4.1m). DFP operates under the Australian Financial Services License regime overseen by ASIC, hence the acquisition is not subject to the approval of the local authority.
Since May 2015, AZ NGA has carried out several acquisitions aimed at expanding its business including that of Menico Tuck Parrish Financial Services (MTP) in May and the acquisition of Farrow Hughes Mulcahy (FHM) in August.
Azimut Holding’s CEO Sergio Albarelli said: “We keep growing in Australia at a very solid pace adding valuable professionals to our team who will enable us to exploit every market opportunities we will come across. We look to close the year 2017 with further growth, both organic and external.”
The Azimut Group – through AZ NGA – manages currently A$6.2bn (€4.1bn) assets in Australia.