Adviser consolidator Succession Group has acquired Birmingham-based Clay Rogers & Partners in a cash-stock deal worth over £10m.
The deal, which is Succession’s largest acquisition till date, will add £450m of funds under management to Succession’s portfolio.
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Succession Group CEO Simon Chamberlain said: “Over the last three years, Clay Rogers has raised the bar, providing the very highest levels of professional and personal client service, and business growth has been impressive.
“Succession continues to identify like-minded businesses to develop further our leading consolidation model.”
Clay Rogers started working with Succession in 2013 to build its proposition and capital value.
Clay Rogers co-founder Tim Clay said: With Succession’s support, we have navigated commercial, competitive and regulatory challenges to deliver high levels of client satisfaction and create strong foundations for future growth. We were attracted to Succession by both its processes and commitment to independence and this deal will create long-term stability for both staff and clients.
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By GlobalData“Working with Succession signals the beginning of a significant new chapter in the continued development of a high quality financial planning practice in the heart of Birmingham.”
Succession plans to acquire the best 50 firms from its affiliated membership by the end of 2017. In June 2016, the firm secured an investment package of more than £25m from HSBC and its existing shareholders to support its expansion plan.
