Fairstone has purchased Dundee-based Findlay & Company Financial Services, which specialises in advice and management of investment and retirement portfolios.

The deal, whose financial details are unknown, adds over £100m in funds to the consolidator.

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It is also said to bring 1,000 clients into the company in addition to five advisers, four support staff from Findlay.

Fairstone CEO Lee Hartley said: “We are delighted to complete the final acquisition of Findlay & Company Financial Services after working closely with Steve Race and the team since they joined our buy-out programme three years ago.

“Findlay are a great firm and share our core values of placing clients at the heart of everything we do. The manner in which integration has been handled demonstrates that they are an excellent fit for us.”

Fairstone carried out the deal via its downstream buyout (DBO) model, under which the firm buys a stake in the to-be acquired firm and integrate it over a two-year period.

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Hartley added: “Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence. Finalising this deal with Findlay brings a valued addition to our group.”

The latest acquisition follows the company’s deal to buy Glasgow-based financial advisory firm Chartermarque last month and the takeover of Hammett and Petch Financial Planning this January.

In February this year, the company received a major funding from private equity firm TA Associates, fortifying its capital base to fuel its acquisition spree.

The Newcastle-headquartered wealth manager is said to manage more than £10.6bn in funds on behalf of over 34,000 clients.