Azimut makes new acquisition in Australia
The Australian branch of Italian financial group Azimut, AZ Next Generation Advisory (AZ NGA), has acquired Weatlhmed Australia, a financial services provider specialising in wealth management for doctors and other medical specialists.
The agreement signed by the parties consists of a 49% share swap of Wealthmed’s equity for AZ NGA shares with a progressive buy back of these shares over the next ten years. As for the remaining 51% stake, it will be purchased to the founding partners in cash over a two-year period. In total, the transaction is worth A$6.9m (€4.7m).
Wealthmed, led by Carolyn Bindon, Scott Guildford and Albert Borzillo, provides financial planning, real estate, and accounting and advisory services.
Some 13 Australian financial companies have been acquired by AZ NGA to consolidate the company’s wealth management business to retail, HNW and institutional clients in Australia since its establishment in November 2014. The Australian branch of Azimut currently has assets of A$5.7bn (€3.8bn).
Sergio Albarelli, CEO of Azimut Holding, commented: “We are glad of having Wealthmed within AZ NGA’s perimeter, adding their competences and diversifying our client base. As recently announced our Australian growth plans are focused on increasing our distribution capabilities via both securing new acquisitions as well as book buy. We are very confident on the evolution of AZ NGA as our pipeline is solid and our operations are growing in expertise, scale and diversification.”