UK financial adviser firm AFH acquisition of Devon-based LFS & Partners.
The acquired business has offices in Barnstable, Taunton and Minehead and reported a pre-tax profit of £425,000 for the 12 month period ended 31 August 2017.
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The transaction adds over £300m in funds under management to AFH’s books.
As part of the deal, James Tucker, along with 27 financial and mortgage advisers and their support staff, will migrate to AFH.
AFH will pay a maximum price of £4.2m for the deal. This includes an initial cash payment of £2.2m, which will be financed by the consolidator’s existing cash reserves.
The remainder will be paid in cash over the next 26 months, based on the fulfilment of enhanced performance criteria.
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By GlobalDataAFH CEO Alan Hudson said: “The acquisition of LFS is our twelfth transaction of the year and enhances AFH’s strong position in the South West. The transaction complements our successful integration of Davisons in 2016 and 3 subsequent acquisitions in the region.
“I am pleased to welcome James and his team to AFH and I look forward to working with them to further the development of the AFH brand and to provide the LFS existing clients with the benefits of the enhanced AFH proposition.”
The latest deal comes shortly after AFH’s acquisition of HTH (Group), as well as Harvey Curtis.
