The transaction includes a share swap of 49% of EFP’s equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
Under the agreed terms, the remaining 51% stake of EFP will be paid in cash to founding partners over a period of two years.
Led by principals Jason Andrew, Bernie Cooney and Richard Owen, EFP has A$134m of funds under advice and provides values-based financial planning including investment and asset allocation advice, retirement planning, insurance, strategic financial planning advice and financial literacy services to clients.
Jason Andrew said "AZ NGA’s long term vision and thinking resonates with the values of our business, as well as the approach we like to have with our clients. It’s a natural cultural fit and easy decision for us to be entering into a relationship with like-minded partners. Our experience with them so far has been very collaborative and we are excited to be transitioning now into the next phase as we continue to grow together for many years to come"
The transaction is valued at around A$2.8m (€1.8m) and it is expected to close this month upon satisfaction of some conditions precedent provided in the sale and purchase agreement.
Azimut chairman and CEO Pietro Giuliani said: "After achieving a record year at Group level in 2015, with the best result in terms of net inflows (€ 6.7bn) and a strong growth in AuM (+22% year on year), we are happy to continue attracting talented entrepreneurs to our partnership and to develop further the business thanks to a strong pipeline."
