UK-based consolidator Fairstone has snapped up Octagon Wealth Management, in its seventh acquisition this year.
The deal was carried out under Fairstone’s Downstream Buy Out (DBO) model, which involves the consolidator taking a stake in the business to be acquired prior to its full integration.
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Financial details of the transaction were not divulged. However, Fairstone said that it adds over £150m in funds under management and 800 clients to its books, bolstering its presence in the North West region.
Besides, Octagon’s four advisers and five support staff will migrate to Fairstone as part of the deal.
Based near Ormskirk town in West Lancashire, Octagon manages investment and retirement portfolios.
Fairstone CEO Lee Hartley said: “We are delighted to complete the final acquisition of Octagon, having worked closely with them through our proprietary DBO programme.
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By GlobalData“At Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence.
“Finalising this deal with Octagon brings another valued business into Fairstone and continues our excellent growth plan for 2019. “
Octagon company principal Richard Hollington said: “We are faced with the challenges of ever-changing and increasing regulation and the need to continually adapt to new processes and systems.
“Deepening our existing relationship with Fairstone means we can take full advantage of the support offered, leaving us with more time to spend with our clients, who are the ultimate focus of our business.”
Earlier, Fairstone acquired Lofthouse Gate, Mortgage Find, Bankfield Financial Advisers, South West Financial Planning, Brett & Randall Financial Services and Pensions and Wealth Management Services.
