AZ Next Generation Advisory (AZ NGA), the Australian unit of Italian asset manager Azimut Group, has agreed to buy Henderson Maxwell (HM), a New South Wales-based financial planning and accounting services firm, for around AUD11.6m ($8.7m).
Founded in 2004, HM offers financial planning, aged care, superannuation and pensions, life insurance, estate planning, business advice. The firm manages around AUD170m in client funds and employs 12 people.
The transaction involves a share swap of 49% of HM’s equity for AZ NGA shares followed by a progressive buy-back of the shares over 10 years. The remaining stake will be paid in cash to HM’s founding partners over two years.
Azimut Holding CEO Sergio Albarelli said: “Henderson Maxwell is another solid firm who took the decision to share its growth and succession plan with AZ NGA and the Azimut Group. We have had an incredible run during 2017 and we believe we will be able to continue to exploit the opportunities offered by the Australian financial practices market for many years to come.”