Barrett’s AZ NGA adds another planning practice
Paul Barrett’s Italian-backed AZ Next Generation Advisory (AZ NGA) group has further grown its presence with another transaction – this time a binding sale and purchase agreement to acquire the entire capital of Victorian financial planning group, Dunsford Financial Planning.
Barrett announced the transaction, stating it included a share swap of 49 per cent of Dunsford Financial Planning’s equity for AZ NGA shares and a progressive buy-back of the shares over the next 10 years.
He said the remaining 51 per cent stake would be paid to the founding partners in cash.
The announcement pointed out the transaction represented the 19th direct acquisition by AZ NGA since May 2015 and brings the groups revenues to in excess of $60 million.
Barrett said DFP had been established by Mark Dunsford in 1983 and had earned a strong reputation in the local community, having built up a multi-disciplined team of specialists serving a growing group of clients.
Dunford said the firm had been looking for an equity partnership that would enable it to simultaneously release capital and enable growth.
AZ NGA said it had shortlisted a number of financial planning firms for further potential consolidation.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.
