AZ Next Generation Advisory has made its first Melbourne acquisition, buying Synchron-aligned Dunsford Financial Planning.
The transaction marks the 19th Australian acquisition for the Italian-backed M&A outfit since May 2015 and follows the purchase of AFM Advisers’ client book on 2 November.
The deal will see “a share swap of 49 per cent of Dunsford Financial Planning’s equity for AZ NGA shares”, followed by a progressive buy back of these shares over the next decade, with the remaining 51 per cent paid to Dunsford’s founding partners in cash.
Dunsford Financial Planning chief executive Mark Dunsford said the company was “excited about the future” for the firm’s staff and clients.
“We’ve been looking for an equity partnership that would enable us to simultaneously release capital and enable growth of our firm for some time,” he said.
AZ NGA chief executive Paul Barrett said he was pleased with the acquisition and looked forward to working with Dunsford Financial Planning.
“I’ve known Mark for many years and am very pleased to welcome DFP into the AZ NGA family. DFP is a fast-growing practice with a bright future that we are very excited to assist with,” he said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 22 Jan 2019Advice issues stem from writing of SOAs, says RafteryBy Adrian Flores
- 21 Jan 2019Federal Court winds up CFS Private WealthBy Eliot Hastie
- 22 Jan 20192.44m Aussies suffer from financial stressBy Sarah Simpkins
- 22 Jan 2019BT releases 6 ‘core’ managed portfoliosBy Eliot Hastie
- 21 Jan 2019Licence conditions placed on Sydney AFSLBy Adrian Flores
- 21 Jan 2019O’Dwyer steps down from politicsBy Adrian Flores
- view all