AZ Next Generation Advisory (AZ NGA), the Australian unit of Azimut, has agreed to acquire the entire capital of RI Toowoomba (RIT) for A$7.5m.
The terms of the transaction includes a share swap of 49% of RIT’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
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The remaining 51% of FLP stake will be paid in cash to founding partners over a period of two years.
Owned and operated by Jeff and Linda English, RI Toowoomba has achieved A$260m in AuM.
The deal is expected to close in January 2016 upon satisfaction of some conditions precedent provided in the sale and purchase agreement.
The acquisition of RIT will further expand AZ NGA’s footprint into Queensland. The deal is not subject to the approval of the local authority.
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By GlobalDataAZ NGA CEO Paul Barrett said: "We look forward to working with the RIT team to grow our South East Queensland footprint."
English said: "We are looking forward to the next evolution of our growth strategy in South East Queensland as a result of partnering with this progressive business."
Azimut Holding chairman and CEO Pietro Giuliani said: "We are working hard to further expand their client base and AuM and these achievements enables us to look into 2016 with optimism and continue to attract entrepreneurs into our partnership model."
