AZ Next Generation Advisory (AZ NGA), the Australian subsidiary of Italian group Azimut, has signed an agreement for the full acquisition of McKinley Plowman Group.
The agreement includes a share swap of MP’s equity for AZ NGA shares and a progressive buy back of these shares over the next decade. The remaining 51% stake will be paid to the 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 €9.2mn.
Sergio Albarelli, CEO of Azimut Holding, comments: “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.”
McKinley Plowman Group (MP) was founded in 1997 by Nigel Plowman and Murray McKinley in Joondalup in the northern suburbs of Perth.
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 firm says. The team now includes accountants and taxation experts, along with dedicated business improvement, wealth, property, pension transfer, self-managed superannuation, marketing and finance specialists.