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February 22, 2022

Consolidator Fairstone acquires East Devon Associates

Fairstone has marked its third acquisition this year with the purchase of Sidmouth-based East Devon Associates, reported FT Adviser.

The firm, which has been accelerating its consolidation efforts in recent years, bought East2west Financial Services and Brantwood Financial Planning in January.

The latest deal, whose financial details are not disclosed, was carried out through Fairstone’s downstream buyout (DBO) model.

Under this model, the company first buys a holding in the to-be acquired firm and integrates it over a two-year period, before taking full control of it.

East Devon Associates, which was founded in 2004, joined the DOB programme in 2019.

The acquisition adds five staff and five hundred clients to Fairstone and brings its client assets to approximately £350m.

East Devon Associates company principal Graham Salter said: “Working with Fairstone over the past two years has reassured us that we have made the right choice for ourselves, our staff and most importantly for our clients.”

The deal is also said to mark Fairstone’s 50th acquisition in the past 10 years.

Fairstone CEO Lee Hartley added: “Watching the Fairstone family flourish is an immense source of pride to me, and I am grateful to everyone who has been part of that journey. It’s fitting that we’re able to celebrate our significant business highlights today while welcoming a quality firm such as East Devon Associates.”

In February 2021, Fairstone landed a major funding from private equity firm TA Associates.

The Newcastle-headquartered made a number of purchases last year, including Utopia Financial Planning, Chadney Bulgin, and Findlay & Company Financial Services.

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