Azimut Group-backed professional services group AZ Next Generation Advisory has acquired a minority stake in Melbourne-based financial advice firm Cranage Financial Group.
The firm is founded by former Australian rules footballer Paul Cranage.
Established in 1984, Cranage Financial Group specialises in financial planning, property advice and mortgage broking.
It has A$300m (£160m, $221m, €187m) in funds under management and six financial advisers.
The financial terms of the deal were undisclosed, but AZ NGA said that the “deal is multi-faceted and includes a cash component and capital funding for growth and future acquisitions”.
Paul Barrett, AZ NGA chief executive, said: “The team at Cranage are passionate about delivering high quality advice, serving the needs of their clients, and continuing to build a strong business.
“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.”
