Wealth consolidator Fairstone has continued its buying spree with the takeovers of UK firms Lofthouse Gate and Mortgage Find under its downsteam buyout (DBO) model.
Under the DBO programme, Fairstone takes a stake in the business to be acquired prior to its full integration.
Headquartered in Wakefield, Lofthouse Gate offers pension planning and investment management services.
Mortgage Find, based in London, arranges residential as well as buy-to-let mortgages.
Mortgage Find principal Mark Alexander said: “This deal means that we can combine our strengths with Fairstone to give our clients a fantastic service and proposition.”
The two acquisitions add over £120m in funds under management to Fairstone’s portfolio. At the same time, the double purchase increases the consolidator’s client base by more than 8,000.
The consolidator absorbed 20 advisers and 14 support staff as part of the deals.
Fairstone CEO Lee Hartley said: “Both Lofthouse Gate and Mortgage Find are dedicated to quality service and like Fairstone, take a client centric approach to business.
“Fairstone’s business model delivers strong organic growth that leads to a transfer of client ownership and also places a focus on firms with an appetite to grow and develop, which is an ambition shared by both Lofthouse Gate and Mortgage Find.”