AZ Next Generation Advisory (AZ NGA), the Australian unit of Azimut, has agreed to acquire 51% of the capital of Harvest Wealth (HW) for A$2.6m ($1.89m).
The terms of the deal includes a share swap of 49% of HW’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
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The transaction is part of AZ NGA’s objective of consolidating high quality Australian financial practices providing wealth management services to retail, HNW and institutional clients in Australia.
The deal is expected to close in December 2015 upon satisfaction of some conditions precedent provided in the sale and purchase agreement.
Lyn Heaysman and Matt Tuohey, Harvest Wealth was created through a merger of three financial planning firms in 2006. It operates out of Victoria and has around $166m in funds under advice.
Azimut chairman and CEO Pietro Giuliani said: "Our partnership approach, corporate values and focus on growth is enabling AZ NGA to become a reference point for those quality financial planning firms driven by an entrepreneurial spirit."
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By GlobalDataAZ NGA CEO Paul Barrett said: "Lyn and Matt run a modern, client-centric financial planning practice. They are committed to educating their clients, and their staff and provide an outstanding example of how a professional firm should be run."
Lyn Heaysman said: "We are proud of what our business has achieved for its clients and staff, and are very confident that the partnership with AZ NGA will enable this to continue for many years to come."
