Paul Barrett-led and Italian backed AZ Next Generation Advisory (AZ NGA) has further extended its reach to north Queensland with the acquisition of Cairns-based group, Menico Tuck Parrish Financial Services.
AZNGA announced on Wednesday it had signed a binding sale and purchase agreement to acquire the entire capital of Menico Tuck Parrish Financial Services Pty Ltd with the transaction entailing a share swap of 49 per cent of Menico Tuck Parrish’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
Barrett said the transaction represented AZ NGA’s 28th transaction in 23 months with the group having executed 15 similar transactions utilising its proprietary succession funding model and that, in addition, AZ NGA had been able to fund 13 transactions on behalf of its firms enabling them to achieve their growth ambitions.
Menico Tuck Parrish has been operating out of Cairns since 1972 and was founded out of a partnership of two businesses founded by John Menico (OAM) and Fred Parrish. The firm was now led by Anthony Menico and Jo Tuck, and was responsible for approximately $170 million of client funds with a team of nine including two financial planners.
Barrett described the firm as a natural fit for AZ NGA and noted that the two parties had been working on the deal for around two years.
Anthony Menico welcomed the transaction, saying the firm had strong growth aspirations in the region and were looking forward to taking advantage of the unique capital funding solution provided by AZ NGA.
