Sale of Matthews Steer

Canterbury Partners advised the shareholders of Melbourne-based professional services firm, Matthews Steer Accountants and Advisors (Matthews Steer), on its sale to financial services SME specialist AZ Next Generation Advisory (AZNGA), an Australian subsidiary of Azimut Group (AZM.IM), Italy’s leading independent asset manager with over 50.8 billion euros under management.

Established in 1990, Matthews Steer has six partners and employs 50 staff. In addition to traditional accounting and financial planning services, the firm specialises in business and tax advisory, business mentoring and government grant facilitation. The group’s clients consist primarily of medium-sized businesses operating in the high growth sectors of medical, advanced manufacturing, information technology, food and fibre, and transport & logistics.

AZ NGA Chief Executive Officer Paul Barrett said the deal represented a key strategic acquisition for AZ NGA and reinforced the group’s commitment to building a large integrated multi-disciplinary financial services business. “In Melbourne’s north west corridor of industry, Matthews Steer is the trusted adviser to leading businesses and families in the region. It has built a reputation as the region’s premier accounting and advisory firm by delivering excellent service and advice, and helping local businesses achieve strategic results,” he said. “Matthews Steer exemplifies the characteristics we look for in a partner firm. It has a clear strategy, it has successfully carved out a niche in specialist areas and it has a collaborative, client-centric culture.”

Matthews Steer Co-founder and Managing Director, Ken Matthews said: “We see AZ NGA as a strong cultural fit with Matthews Steer, and their alignment with our purpose and values was of primary importance in entering into this strategic partnership. Their investment in Matthews Steer will provide greater capacity to continue to support our clients and extend our services to other entrepreneurs & family businesses. I’m excited to see our team continue to thrive as part of this strategic alliance and to empower them to live their potential.”