AZ Next Generation Advisory (AZ NGA), the Australian unit of Azimut, has agreed to acquire the entire capital of Financial Lifestyle Partners (FLP) for EUR3.2m.
AZ NGA has purchased 51% of FLP and also committed to a share swap of 49% of FLP’s equity for AZ NGA shares and 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.
The deal 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.
Melbourne-based FLP, which now manages over $100m in assets, employs seven staff and has over 300 clients. The company provides financial planning services such as investment and asset allocation, retirement planning, insurance, and strategic financial planning advice.
Following the acquisition, FLP will continue to be headed by Craig and Lisa Ralph and the leadership team has entered into long term arrangements to ensure continuity of service.
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By GlobalDataCraig Ralph said: "We are delighted to join the AZ NGA family and look forward to sharing the journey with other like?minded business owners and their teams. We believe this opportunity secures our futures as well as those of our staff and our clients".
Azimut Holding chairman and CEO Pietro Giuliani said: "The Australian franchise has been growing rapidly and consistently and we are proud to have reached the 1 billion mark in less than a year."
