Italian-backed financial services firm AZ Next Generation Advisory (AZ NGA) has bought its 10th financial planning practice.
In an announcement this morning, AZ NGA said it has signed a binding sale and purchase agreement to acquire the entire capital of Fortnum-aligned Priority Advisory Group (PAG).
Chatswood-based PAG was founded in 1987. Managing director Larry Fingleson will continue to lead the group in conjunction with his senior leadership team, including David Gibson and Zvi Teichtahl.
It has a team of 14 staff including five planners and four client service managers.
This agreement includes a share swap of 47 per cent of PAG's equity for AZ NGA shares and a progressive buy-back of these shares over the next 10 years. The remaining 53 per cent stake will be paid to the founding partners in cash over the period of two years.
Commenting on the deal, AZ NGA chief executive Paul Barret said: "Priority Advisory Group have established a wonderful reputation as trusted advisers on Sydney's North Shore. The PAG business has established a great balance between corporatisation of the business, at the same time delivering value-based financial advice."
The latest deal follows other purchases by AZ NGA, including Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Harvest Wealth, Wise Planners, RI Toowoomba, Empowered Financial Partners and Wealthwise.
AZ NGA was established in November 2014 and is part of the Azimut Group, an Italian independent asset manager that operates in 14 countries.
Last week Azimut announced that it was entering the Australian funds management space with the purchase of 51 per cent of Sigma Funds Management.