AZ Next Generation Advisory (AZ NGA), the Australian arm of Italian asset manager Azimut Group, has agreed to acquire the entire capital of Sydney-based accounting firm Peters & Partners (P&P).
The acquisition of P&P marks AZ NGA’s foray into the accounting space. Founded in 2014 by Michael Peters, P&P offers business and taxation services, SMSF accounting and administration, specialised SME services, and corporate advisory.
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The deal involves share swap of 100% of P&P’s equity for AZ NGA shares, and a progressive buy back of the shares over 10 years. AZ NGA will also infuse AUD4.1m of capital into P&P as part of the deal.
AZ NGA CEO Paul Barrett said: “What started as a convenient relationship between AZ NGA and P&P, where P&P was essentially providing a back-office and accounting solution to our practices, quickly became a strategic opportunity.
“We assisted Michael 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.”
“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,” Peters added.
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