AZ Next Generation Advisory has signed a binding sale and purchase agreement to acquire the entire capital of its eleventh firm.
Sterling Planners was established in 1997 and currently services clients from North Sydney. The firm offers clients a full suite of financial advisory services but is best known as a leader in facilitating UK pension transfers into the Australian superannuation system. Sterling Planners is member of the Fortnum financial advisory network and are responsible for approximately $210 million of client funds, comprising a team of seven, including three financial planners.
The agreement includes a share swap of 49% of Sterling Planners’ equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years. The remaining 51% stake will be paid to the founding partners in cash over a period of two years.
Commenting on the agreement, Paul Barrett, AZ NGA chief executive officer said: “Sterling Planners are a natural fit for AZ NGA as they are specialists operating at the top of their field. Brent, Julie, Nic and the team have remained at the forefront of the pension market for many years. They have also developed a first class financial advisory business and are well positioned to continue to deliver a great experience for their clients and staff.”
Founder and specialist financial adviser at Sterling Planners, Brent Hutton said: “Our business will benefit from the expertise and opportunities AZNGA bring to the table, our clients will continue to receive the quality services we are recognised for, while now having the additional comfort of a large global company as a major shareholder.”
Written by Kerrie Sydee, Financial Standard