British wealth management company Fairstone has reached a deal to purchase Ireland’s PAX Financial, making its entry into the region.

With headquarters in Dublin, PAX offers various financial planning services to over 7,700 customers. The firm has a workforce of 66 employees and advisers.

PAX also operates the ‘AskPaul’ brand, which provides financial advices through social media platforms.

The new deal follows the 50th acquisition made by Fairstone in February this year. The acquisition involved the purchase of Sidmouth-based East Devon Associates by Fairstone.

As part of the latest deal, Fairstone has added €200m of funds under management into its fold.  

The transaction, financial details of which has not been divulged, will also see PAX CEO Paul Merriman serving as CEO of Fairstone in Ireland.

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Merriman said: “The Fairstone proposition appealed as it is a proven and highly successful model in the UK which offers huge potential for the Republic of Ireland.

“The decision by Fairstone to acquire PAX is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer.

He added: “Thanks to the hardworking team at PAX, we have spent over a decade developing our business and reach in order to facilitate a move such as this.

“The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead.”

According to Fairstone CEO Lee Hartley, the acquisition will help the company to enhance its growth in the Irish market.

Hartley said: “The combination of Fairstone’s extensive experience in the UK sector with PAX’s management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities.”