Paul Barrett
AZ Next Generation Advisory (AZ NGA) and Azimut have completed the sale of a majority interest in AZ NGA to funds managed by Oaktree Capital Management L.P, (“Oaktree”).
As part of the transaction, which was previously announced on September 30, 2024:
- Oaktree has invested $240 million in AZ NGA to become the group’s largest shareholder.
- Azimut, management and business owners retain a strategic stake in the company.
- AZ NGA, Azimut and Oaktree are committed to working together to accelerate M&A activity, drive organic growth and cement AZ NGA’s position as Australia’s finest professional services company.
Paul Barrett, AZ NGA Chief Executive Officer, said: “We are extremely privileged and excited to work with a world class strategic investor like Oaktree”.
“We have ambitious goals to triple in size over the 3-5 years, through a combination of M&A and organic growth, and our strategic partnership with Oaktree gives us the capital to fund our short-to-medium term plans and continue enhancing our proposition to accounting and advice businesses,” he said.
“In the next 12 months, our focus is on accelerating our Super firm program, ramping up M&A activity, key transformation initiatives and continuing to elevate to a highperformance culture.”
Byron Beath, Oaktree Managing Director, said: “AZ NGA has successfully enabled business owners and their clients to simultaneously grow their practices while effectively managing ownership succession, which is critical for the natural evolution of quality businesses”.
“This achievement is a testament to the exceptional leadership of Paul and his team,” he said.
“By providing additional capital through this transaction, AZ NGA will further enhance their ability to execute on their plan of organic and inorganic growth, empowering their talented staff to be the national leader of providing financial advice and services.”
Massimo Guiati, Azimut Holding Chief Executive Officer and AZ NGA Chairman, said: “Azimut is committed to AZ NGA for the long-term and we look forward to working with Oaktree to drive the growth and success of AZ NGA”.