UK-based wealth advisory firm Fairstone has acquired Carlisle-based Financial Concepts, with the group’s footprint across Cumbria.
The latest deal, whose financial details were not disclosed, was carried out through Fairstone’s downstream buyout (DBO) model.
Under this model, the firm first buys a stake in the to-be acquired firm and integrates it over a two-year period, before the final takeover.
Financial Concepts, which was established in 2000, joined the DBO programme in December 2019.
The firm adds six advisers, five support staff and more than 5000 customers to Fairstone. The firm has a gross fee income of £1m and funds under management of £104m.
Commenting on the deal, Fairstone CEO Lee Hartley added: “Financial Concepts struck us as a forward-thinking firm, made up of a high-quality team who share our commitment to totally independent, client-centric service. The firm has a great reputation for serving clients over many years and is a great addition to the Fairstone family.”
“They joined us at a rather difficult time as it was a couple of months before we went into lockdown with all the challenges that presented, but we worked closely with the team throughout the integration phase to provide the support and framework to grow the business.”
The acquisition marks Fairstone’s fourth deal this year.
In February, the firm took over Sidmouth-based East Devon Associates.
In 2021, the Newcastle-headquartered firm secured a major funding from private equity firm TA Associates.