AZ NGA has acquired an outsourced human resources company, Catalina Consultants, in a bid to build out the range of business support solutions it offers to its network of financial advisory and accounting firms.
Established in 2012, Sydney-based Catalina Consultants boasts a 17-strong team of HR professionals, with key services including full-service HR function support, leadership development, organisational design and talent management, and remuneration strategising.
Commenting on the announcement, AZ NGA chief executive Paul Barrett said the deal will empower both businesses to continue focusing on key strategic priorities.
“Catalina Consultants is a successful business that has grown organically and attracted high-quality corporate clients including a number of AZ NGA firms,” Mr Barrett noted.
“The business will continue to provide HR services to a broad range of companies in various industries and our focus is to help Catalina to expand its reach and relationships.
“This partnership also enables AZ NGA to secure capability and capacity for our network, which is increasingly important given the current skills and talent shortage.”
Mr Barrett also clarified that the transaction represents AZ NGA’s second investment in the business supply chain.
According to Merilyn Speiser, founder and principal of Catalina Consultants, the firm intends to grow its presence in Victoria and Queensland and plans to introduce services including recruitment and HR technology implementation.
“We’ll be able to achieve our growth ambitions a lot quicker with the support of AZ NGA,” Ms Speiser said.
“We have had a long association with AZ NGA and there is a close alignment in terms of philosophy and vision. While we are based in Sydney, my team and I are regularly travelling to Melbourne and, increasingly, Brisbane, so we see a lot of opportunity to promote the bespoke outsourced HR services we provide nationally.”
The deal comes after AZ NGA’s recent strategic stake in Australian-owned, Philippines-based paraplanning and back-office solutions provider, Vital Business Partners, formally Virtual Business Partners.
First announced in August of last year, AZ NGA said the deal would continue the group’s foray into the advice supply chain.
“VBP is not an outsourcing company but a human resources partner for advisory businesses looking to increase efficiencies, reduce their cost to serve and improve their net profit margin,” Mr Barrett said at the time.
“Together our focus is on helping more advisory businesses and extending VBP’s market position.”
Since its inception in 2015, AZ NGA has completed over 130 transactions.
