AZ Next Generation Advisory (AZ NGA), a professional services advisory firm, has purchased a strategic stake in accounting and advisory company McLean Delmo Bentleys for an undisclosed sum.
Based in Melbourne, Australia McLean Delmo Bentleys currently offers accounting, auditing, insurance and wealth management services.
The mid-tier firm has a workforce of 90 people as well as five mortgage broking staff and several outsourced executives.
A member of Australia’s accounting network Bentleys, McLean Delmo Bentleys is said to cater to more than 2,000 clients.
The latest is expected to widen AZ NGA’s reach in Victoria in addition to creating a major accounting and advice brand in Australia.
It comes after AZ NGA announced that it had bought a stake in Australia’s SCM Financial Group (SCM) in November last year.
AZ NGA CEO Paul Barrett said: “For AZ NGA, there are only two reasons to enter into a strategic partnership: capability and capacity. McLean Delmo Bentleys offers both.
“They are a clear leader in the mid-tier accounting space and this is a significant and important deal for us.”
McLean Delmo Bentleys chairman John Delmo noted that the new alliance allows the firm to invest in new technologies and improve its client value proposition, among others.
The deal also offers exposure to expand via mergers and acquisitions. In the past seven years, the company completed five acquisitions, of which three were done last year.