AZ Next Generation Advisory (AZ NGA) has agreed to purchase the entire capital of Sterling Planners (SP), which currently services clients from North Sydney.
Founded in 1997, Sterling Planners manages nearly $210m of client funds and comprises a team of seven including three financial planners.
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The binding sale and purchase agreement involves a share swap of 49% of SPs equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
AZ NGA said that the balance share would be paid to the founding partners in cash over a period of two years.
The total value of transaction for acquisition considering both cash and share swap entails a purchase price of around EUR3.1m ($3.53m). The transaction is expected to close in May 2016.
AZ NGA CEO Paul Barrett said: "Sterling Planners are a natural fit for AZ NGA as they are specialists operating at the top of their field. Brent, Julie, Nic and the team have remained at the forefront of the pension market for many years. They have also developed a first class financial advisory business and are well positioned to continue to deliver a great experience for their clients and staff."
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By GlobalDataSP founder and specialist financial adviser Brent Hutton said: "Our business will benefit from the expertise and opportunities AZNGA bring to the table, our clients will continue to receive the quality services we are recognised for, while now having the additional comfort of a large global company as a major shareholder."
