AZ Next Generation Advisory acquired a minority stake in Cranage Financial Group to assist in building scale.
Cranage Financial Group is a self-licensed advisory firm with $300 million in funds under management, $2 million in annual in-force life insurance premiums and six financial advisers.
The stake includes a cash component and capital funding for growth and future acquisitions. The capital will be used as soon as possible to build scale and capacity to Cranage.
The partnership will also see AZ NGA provide board, governance and management support.
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AZ NGA chief executive Paul Barrett said the transaction highlights the firm's capacity to structure deals to meet a business' short-term and longer-term objectives.
"The team at Cranage, led by Ben, Sam and Laura, are passionate about delivering high quality advice, serving the needs of their clients, and continuing to build a strong business," Barrett said.
"This is a dynamic business with a clear vision and ambitious goals for the future, and a keen desire to partner with an experienced business and capital partner to help them get there."
AZ NGA has a three-tiered strategy: focusing on acquiring capability and capacity; maximising efficiencies through the delivery of shared services; and partnering with firms to drive organic growth.
"Over the past four years, Cranage Financial Group has grown considerably, due largely to our holistic advice model, and we are committed to expanding our client value proposition and continuing to grow," Cranage director Ben Cranage said.
"Partnering with AZ NGA gives us access to the group's resources, capability and capital, and the opportunity to glean the best ideas and insights of AZ NGA's collaborative community of successful."