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.
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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Fairstone 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.