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A financial advisory firm network has made its first investment in the Australian accounting industry by acquiring a boutique Sydney-based firm.
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Acquisition launches advice network’s accounting focus
15 May 2017
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AZ Next Generation Advisory (AZ NGA) signed a binding sale and purchase agreement to acquire the entire capital of Peters & Partners (P&P) last Friday.
P&P is a full service accounting firm that offers business and taxation services, SMSF accounting and administration, specialised SME services, and corporate advisory.
“What started as a convenient relationship between AZ NGA and P&P, where P&P was essentially providing a back office and accounting solution to our practices, quickly became a strategic opportunity,” AZ NGA CEO Paul Barrett said.
“We assisted [CEO of P&P Michael Peters] in his growth ambitions, and he assisted us in ours. It became obvious to us late last year that a great opportunity existed for both firms to broaden our offering to clients."
AZ NGA has been solely focused on investing in financial planning companies for the past two years, with the acquisition of P&P signifying AZ NGA’s first investment into the accounting profession.
AZ NGA has indicated that it plans to inject capital into P&P with a view to building a national accounting footprint.
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"We’ve now developed a long-term strategy to build a national accounting and SME services footprint,” Mr Barrett said.
Acquisition is a central focus of AZ NGA as a network. Its parent company is Azimut, an independent asset manager in Italy.
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