UK-based IFA consolidator Fairstone has secured a funding of £25m from private equity firm Synova Capital that focuses on fast growing UK businesses.
The private equity firm also committed to infuse more cash in Fairstone in the future to support its expansion strategy.
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The move will make Synova the lead investor in Fairstone. Also Synova’ partner Alex Bowden has been appointed as the director of Fairstone.
"We have been tracking the continued development of Fairstone for the last three years and are delighted to be backing Lee and his team in the next stage of the Company’s evolution. The unique acquisition model and strong organic growth generated by membership of the platform will drive the continued success of the Business," Bowden stated.
Meanwhile, private equity group Committed Capital, venture capital fund NorthStar Ventures and Swiss private offices will continue to hold their equity stakes in the consolidator.
Fairstone CEO Lee Hartley said: "This partnership with a leading mid-market PE house will allow us to accelerate our successful Downstream Buy Out acquisition model beyond our current forecasts."
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By GlobalDataFairstone currently comprises 260 financial advisers, who serve 25,000 private clients across the UK, and manages £5.8bn in assets.
