AZ Next Generation Advisory (AZ NGA) has agreed to take over Brisbane-based advice group Logiro Unchartered in an A$4.3m deal ($3.2m).
The transaction involves share swap of 49% of Logiro equity for AZ NGA shares, with an agreement for progressive buy back of these shares over the next ten years.
The balance 51% stake will be paid in cash to Logiro’s founding partners- Stephen and Lyn Bell and Chris Shiels- over the next two years.
AZ NGA said that the latest deal is a continuation of its goal of integrating high quality Australian financial services practices offering wealth management services to Australia’s retail, high net worth and institutional clients.
AZ NGA CEO Paul Barrett said: “Logiro are a natural fit for AZ NGA as the team is lead by a highly experienced Financial Planner in Chris Shiels and has a next-generation approach to serving clients and an appetite for growth.”
Logiro employs five staff and provides advisory services such as life insurance, retirement planning and strategic financial planning. The firm, set up in 2007, currently oversees $130m in client funds.
“The missing link in the Logiro puzzle has been a strong capital partner who shares our growth focus. With that partner now in place we can continue to deliver exception outcomes to our clients and stakeholders,” Shiels said.