Barrett’s AZ NGA makes second Perth planning acquisition
The Paul Barrett-led and Italian-backed AZ Next Generation Advisory has further expanded its footprint — this time via the signing of a binding sale and purchase agreement to acquire Perth's On-Track Financial Solutions.
Barrett said On-Track originates from the partnership of two businesses founded by Odelia D'Silva and Bruce Nicholson and has been operating in various forms in Perth since 1989 and is responsible for approximately $170 million of client funds and comprises a team of nine, including three financial planners.
The announcement said the agreement included a share swap of 49 per cent of On-Track's equity for AZ NGA shares and a progressive buy back of these shares over the next ten years with the remaining 51 per cent stake being paid to the founding partners in cash.
Barrett said the agreement was the 18th transaction for AZ NGA in its first 18 months of operations and represented a continuation of AZ NGA's objective of consolidating high quality Australian financial practices providing wealth management services to retail, high net worth, and institutional clients.
Barrett said On-Track represented a natural fit for AZ NGA as the team was led by highly experienced financial planners in D'Silva and Nicholson and had an exciting growth plan with which AZ NGA could assist.
He said the firm represented AZ NGA's second significant in Perth and there were plans to continue expanding in the west.
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