Italian asset-management giant Azimut has agreed to purchase a 51% stake in Lifestyle Financial Planning Services (LFPS) for EUR2.8m via its Australian subsidiary AZ Next Generation Advisory (NGA).
The deal includes a share swap of 49% of LFPS’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years, which the remaining 51% will be paid to the founding partners in cash over a period of two years.
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Founded in 2004, LFPS services over 2,000 clients and has $180 million in assets under management. It provides a range of financial planning services including investment and asset allocation advice, retirement planning and insurance.
Following the acquisition, LFPS will continue to be headed by CEO David Lannen and senior partners Lisa McPherson and Tim Easton. The transaction is expected to close in August 2015.
Lannen said: "The AZ NGA opportunity has come along at a great time for us. We are very focused on growing our business and our new partnership will enable us to enhance our growth and be part of something really special for our clients, employees and shareholders."
Azimut Holding chairman and CEO Pietro Giuliani said: "Our Australian partnership model is growing at a rapid speed in terms of size and professional people involved and we are very satisfied to have already reached a solid AuM and clients base.
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By GlobalData"We continue to grow in Italy with excellent results, while remaining focused on developing our presence in higher growth markets overseas, which represent today over 4.1 billion or 12% of our total assets."
This is AZ NGA’s third acquisition this year following Eureka Whittaker Macnaught (also CBA-owned) and Pride Advice.
