Professional services company, AZ Next Generation Advisory has acquired a strategic stake in mid-tier accounting and advisory firm, McLean Delmo Bentleys, as the group expands its Victorian footprint.
A statement from AZ NGA says Melbourne-headquartered, McLean Delmo Bentleys employs approximately 90 staff across accounting, auditing, insurance and wealth management.
Paul Barrett, AZ NGA CEO, described the Victorian firm as a quality organisation with “…an exciting blend of experience and youth”.
He says the business has been around for over 50 years “…it has a great reputation and rock-solid foundations but it still maintains a strong appetite for growth and is looking to the future.”
Barrett adds that for AZ NGA, there are only two reasons to enter into a strategic partnership: “…capability and capacity. McLean Delmo Bentleys offers both. They are a clear leader in the mid-tier accounting space and this is a significant and important deal for us.”
Chairman of McLean Delmo Bentleys, John Delmo, says the group’s strategic partnership with AZ NGA presented opportunities to build a national household accounting and advice brand, invest in technology solutions and enhance its client-value proposition and employee-value proposition.
It also presented an opportunity to accelerate growth through mergers and acquisitions noting that in the last seven years, McLean Delmo Bentleys has made five acquisitions including three in 2022.
“Our organic growth is strong but we’re always open to M&A opportunities,” he says.
…the group’s wealth management and financial advice arms have been growing quickly…
Accounting represents the majority of McLean Delmo Bentleys’ revenue, however, Delmo says the group’s wealth management and financial advice arms have been growing quickly.
“We have ramped up our focus on financial advice and wealth management in the past few years, and we believe they will be significant growth engines going forward.”
The firm is a member of the Bentleys network around Australia and Kreston Global.
