AZ Next Generation Advisory (NGA) has agreed to buy Brisbane-based Logiro Unchartered for $4.3 million.

As with its previous adviser practice acquisitions, the deal involves a 49% share swap of Logiro’s equity for AZ NGA shares.

These shares will be progressively repurchased over the next 10 years.

The remaining 51% will be paid to the founding partners, Stephen and Lyn Bell and Chris Shiels, over the next two years.

Logiro was established in 2005 and now employs five staff. It offers a full suite of advisory services including life insurance, retirement planning and strategic financial planning.

AZ NGA CEO Paul Barrett says Logiro is a natural fit for the dealer group, with its team led by a highly experienced adviser in Mr Shiels.

“He has an exciting growth plan, which we will be able to assist with,” Mr Barrett said.

Mr Shiels says the practice has been seeking a partner.

“The missing link in the Logiro puzzle has been a strong capital partner that shares our growth focus,” he said.