Consolidator Fairstone has purchased south west-based financial planning firm Sovereign Wealth Management through its downstream buy-out model.

Financial terms of the deal are unknown.

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With offices in Bath and Bristol, the acquired company is a whole-of-market advice firm specialising in investment and retirement portfolios.

Fairstone CEO Lee Hartley said: “We are delighted to complete the final acquisition of Sovereign Wealth Management, having worked hand-in-hand with them throughout the integration phase.

“The team are a strong cultural fit for Fairstone, with high-quality individuals who really care and put clients at the heart of what they do.”

The deal brings 1,500 clients and £1.25m gross fee income to Fairstone.

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Fuelling growth through downstream buy-out model

Fairstone has carried out several acquisitions through its downstream buy-out model.

Under this model, the company typically purchases a stake in the to-be acquired firm, in order to integrate it over a two-year period, before the final takeover.

Fairstone’s ongoing buying spree

Last week, Fairstone acquired South Wales-based UskVale Financial Planning, which specialises in the management of investment and retirement portfolios.

It also snapped up Berkshire-based advice firm Chiltern House, and Lincolnshire-based MT Financial Management recently.

It followed the company’s previous acquisition of two advice firms in the UK that added £215m in FUM to its books.

In January this year, Fairstone bought Hamlyn Financial Services and Wagstaffs Wealth Management.