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AZ NGA was founded in 2015 by Paul Barrett, the former managing director of ANZ’s global advice arm. It has been funded by Milan-listed Azimut, which helps AZ NGA acquire 100 per cent of smaller financial planning firms. It typically pays the firms’ owners for 51 per cent in cash, while the remaining 49 per cent is offered as a scrip swap.
The business has been quietly building scale as major banks reversed out of financial advice and regulators hammered the sector. Across its eight-year history, AZ NGA has sealed 124 transactions, and now has about 89 companies in 52 locations across Australia.
It tapped Corrs Chambers Westgarth to run a capital partner search earlier this year. While buyout firms EQT and Affinity Equity Partners were involved in the early stages of the mooted auction, TA Associates – led by Hong Kong managing director Ed Sippel – has turned out to be its most driven suitor.
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