The stake has been taken in Cranage Financial Group, a specialist in financial planning, property advice and mortgage broking established in 1984 by Collingwood Football Club defender Paul Cranage.
Cranage currently holds $300 million in funds under management and $2 million in annual in-force life insurance premiums. The family business has six financial advisers on its books, including Mr Cranage and three of his four children.
AZ has said they will provide board, governance and management support as part of the partnership. The transaction was said to highlight AZ’s capability and capacity to structure deals to meet a business’s immediate and longer-term needs.
“The team at Cranage, led by Ben, Sam and Laura (all children of Mr Cranage), are passionate about delivering high-quality advice, serving the needs of their clients, and continuing to build a strong business,” said AZ CEO Paul Barrett on the acquisition.
“This is a dynamic business with a clear vision and ambitious goals for the future, and a keen desire to partner with an experienced business and capital partner to help them get there.”
The multi-faceted deal includes a cash component and capital funding for growth and future acquisitions, the latter of which is expected to be used immediately to add to Cranage’s capacity and scale.
“Over the past four years, Cranage Financial Group has grown considerably, due largely to our holistic advice model, and we are committed to expanding our client value proposition and continuing to grow,” said Cranage group director and financial wealth adviser Ben Cranage.
“Partnering with AZ NGA gives us access to the group’s resources, capability and capital, and the opportunity to glean the best ideas and insights of AZ NGA’s collaborative community of successful, like-minded entrepreneurs.”
AZ’s three-tiered strategy focuses on acquiring capability and capacity in order to maximise efficiency through the delivery of shared services and partnering with firms to drive organic growth.
AZ has completed 90 transactions since 2015.
