AZ NGA has signed a binding sale and purchase agreement with Sydney-based accounting practice Peters & Partners, marking the advisory firm’s entrance to the accounting sector.
According to a statement, AZ NGA signed a binding sale and purchase agreement to acquire the entire capital of Peters & Partners.
The agreement includes a share swap of 49 per cent of Peters & Partners’ equity for AZ NGA Shares, and a progressive buy back of these shares over the next 10 years.
AZ NGA said this purchase marks its first foray in the accounting profession.
The company intends to inject capital into Peters & Partners, with a view of building out a national footprint that can broaden the offering of AZ NGA partner firms.
“AZ NGA is a natural partner for us,” said Peters & Partners chief executive Michael Peters.
“We want to build a truly national footprint. We’ve seen what Paul and the team have done in the financial planning space and we want to replicate that in the accounting space.
“Naturally, we will look to team up with AZ NGA partner firms to establish a broader client offer. We will also be looking to make acquisitions of accounting firms who also want to grow, or in some cases where an owner wants to sell out completely.”
AZ NGA chief executive Paul Barrett said, “What started as a convenient relationship between AZ NGA and Peters & Partners, where Peters & Partners was essentially providing a back-office and accounting solution to our practices, quickly became a strategic opportunity.
“We assisted [CEO 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.
“We’ve now developed a long-term strategy to build a national accounting and SME services footprint.”