Oaktree invests $240m in AZ NGA

The ownership structure of AZ Next Generation Advisory has changed with Oaktree Capital Management taking a $240 million stake and Italy’s Azimut Group retaining a strategic stake.

The company announced that it had entered into a strategic growth partnership with Oaktree Capital to support its growth ambitions.

The announcement said that through the new partnership structure, AZ NGA, Azimut and Oaktree would work together to accelerate acquisition and integration activity and enhance the company’s position as the growth and succession partner of choice for financial advisory and accounting firms.

Commenting on the move, AZ NGA chief executive, Paul Barrett described Oaktree as a work class strategic investor which would help execute the company’s strategy.

“With strong momentum to-date and an attractive pipeline of M&A opportunities, AZ NGA is strongly positioned for accelerated growth alongside Azimut and Oaktree,” he said.

Azimut chief executive, Massimo Guiati said the firm was committed to AZ NGA and the Australian market for the long term.

“This transaction brings AZ NGA a step closer to achieving its vision of being Australia’s leading professional advisory firm and we look forward to working with Oaktree to continue support AZ NGA in the next chapter of its growth,” he said.

Byron Beath, Managing Director at Oaktree commented: “AZ NGA and the leadership team have established themselves as the growth and succession partner of choice for high performing financial planning and accounting firms.

“Oaktree has invested in financial services platforms globally, such as Ascot Lloyd and Atomos, and we look forward to enhancing AZ NGA’s strong market position and sharing Oaktree’s seasoned investment philosophies to deliver even greater value to AZ NGA’s retail and wholesale clients.

“We will work together to achieve our shared vision of AZ NGA as Australia’s leading consumer financial services advisory firm.”

Co-Portfolio Managers of Oaktree’s Special Situations Strategy, Matt Wilson and Jordon Kruse added: “We are extremely excited to be part of this next stage of growth for AZ NGA and we look forward to partnering with Azimut, Paul and the entire AZ NGA network to fuel AZ NGA’s further expansion through our global experience, resources and network.”