Barrett’s AZ NGA backs Qld acquisition
The Paul Barrett-led, Italian-backed AZ NGA has further expanded its financial planning footprint, this time via an acquisition undertaken by its Queensland-based subsidiary, Logiro.
The company announced that Logiro had acquired fellow Queensland-based Aspire SRS Pty Ltd — a Financial Wisdom member firm based in the Brisbane suburb of Aspley with offices on the Gold Coast and Sunshine Coast.
The announcement said the business had been owned and operated by Glenn and Karen Rice since 2004 and provides advisory services to over 500 clients representing over $110 million of assets under advice.
It said the acquisition served to nearly double the size of Logiro and completed another significant milestone for the firm.
Commenting on the transaction, Logiro chief executive, Chris Shiels said the firm had wanted to achieve two key growth objectives, with the first being to partner with a new shareholder who could provide access to capital and know-how, and the second being to complete a large acquisition.
Logiro became a part of AZ NGO in August and Barrett acknowledged that the acquisition had been an element in the process.
He said AZ NGA had now completed 17 transactions in 17 months.
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