Azimut’s Australian subsidiary, AZ Next Generation Advisory (“AZNGA”) today signed a binding sale and purchase agreement to acquire the entire capital of Peters & Partners (“P&P”). The agreement includes a share swap of 49% of P&P’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
AZNGA has been focussed on investing in financial planning companies for the past two years and recently completed it’s 28th financial planning transaction. The acquisition of P&P is AZNGA’s first foray into the accounting market. AZNGA intends to inject capital into P&P with a view to building out a national accounting footprint that can enable a broadening of the offering of AZNGA partner firms.
P&P is a full service accounting firm that offers business and taxation services, SMSF accounting and administration, specialised SME services, and corporate advisory. The business was established in 2014 and has built an impressive client base through a combination of acquisition and organic growth.
According to AZNGA CEO Paul Barrett “What started as a convenient relationship between AZNGA 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.”
CEO of P&P Michael Peters says “AZNGA is a natural partner for us. 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 AZNGA 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 retire and is ready for succession.”