Consolidator Fairstone has acquired a further two advice firms in the UK, adding £215m ($264m) in funds under management (FuM) to its books after the double purchase.
The acquired businesses are Tunbridge Wells, Kent-based Goodman Chartered Financial Planners and East Devon Associates headquartered in Sidmouth. The value of the deals was not revealed.
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Through the acquisitions, Fairstone added 1,000 clients, 17 advisers and support staff.
It also added gross fee income of more than £2m through the deals.
Fairstone snapped up the firms through its downstream buy out (DBO) model.
The DBO programme involves the consolidator taking a stake in the business to be acquired prior to its full integration.
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By GlobalDataFairstone CEO Lee Hartley said called the acquired businesses an excellent fit “both commercially and culturally”.
Hartley further stated: “We are always looking for strong, high quality businesses with ambitious growth plans to join Fairstone and whilst we recognise that we are all moving into a different climate with challenges ahead, we are in a strong position and we will continue to onboard new DBO firms at our forecasted volume.
“Collectively Fairstone is in a good place to deliver continued growth and excellent client service throughout 2020 and beyond.”
Goodman Chartered offers investments and IHT planning and has more than £150m FuM.
The business has four advisers, eight support staff and a client base of 520.
East Devon, with more than £65m FuM, focuses on pensions and investments.
The firm has two advisers, three support staff and 475 clients.
