AZ Next Generation Advisory (AZ NGA), the Australian arm of Azimut, has agreed to acquire the entire capital of Empowered Financial Partners (EFP) for A$2.8m.
The terms of the deal includes a share swap of 49% of EFP’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
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The remaining 51% of EFP stake will be paid in cash to founding partners over a period of two years.
Led by principals Jason Andrew, Bernie Cooney and Richard Owen, EFP has A$134m of funds under advice and provides values-based financial planning including investment and asset allocation advice, retirement planning, insurance, strategic financial planning advice and financial literacy services to clients.
The agreement is expected to close in February 2016 upon satisfaction of some conditions precedent provided in the sale and purchase agreement.
Azimut chairman and CEO Pietro Giuliani said: "After achieving a record year at Group level in 2015, with the best result in terms of net inflows ( 6.7 billion) and a strong growth in AuM (+22% year on year), we are happy to continue attracting talented entrepreneurs to our partnership and to develop further the business thanks to a strong pipeline."
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