Clicky

Barrett’s AZNGA moves into accounting

Paul Barrett’s Italian-backed play, AZ Next Generation Advisory has broadened its footprint by moving beyond financial planning and into the accounting space.

The group announced late last week that it had signed a binding sale and purchase agreement to acquire the entire capital of accounting firm Peters & Partners (“P&P”).

Barrett acknowledged that the acquisition represented AZ NGA’s first move into the accounting arena.

Under the transaction, there will be a share swap of 49 per cent of P&P’s equity for AZ

NGA shares and a progressive buy back of these shares over the next 10 years and emulating its practice with respect to financial planning transaction, AZ NGA intends to inject capital into P&P “with a view to building out a national accounting footprint that can enable a broadening of the offering of AZNGA partner firms”.

Explaining the transaction, Barrett said that what started as a convenient relationship between AZ NGA and P&P where P&P was essentially providing a back office and accounting solution to the financial planning practices had quickly become a strategic opportunity.

“We assisted Michael [Michael Peters, P&P chief executive] in his growth ambitions, and he assisted us in ours,” he said.

“It became obvious to us late last year that a great opportunity existed for both firms to broaden our offering to clients.”

“We’ve now developed a long-term strategy to build a national accounting and small-to-medium enterprise (SME) services footprint.”




Related Content

Former IFAC president joins APESB

Former International Federation of Accountants (IFAC) president, Rachel Grimes, has joined the Accounting Professional and Ethical Standards board (AP...Read more

HSBC Australia appoints new head of retail banking

HSBC Australia has appointed Jessica Power as its new head of retail banking and wealth management, effective this month.In her new role, she would ai...Read more

KPMG bolsters Aussie legal team

 KPMG has bolstered its legal services arm by hiring Zein El Hassan, the firm’s Australian financial services risk advisory team leader. El...Read more

Author

Comments

Add new comment