Consolidator Fairstone has agreed to purchase advice firm Sabre Financial, marking its ninth deal this year under its downstream buy-out model.
Under this model, Fairstone will initially purchase a stake in the Devon-based advice firm and integrate it over a two-year period before the final takeover.
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The deal is said to provide the consolidator with additional 1,000 clients, four advisers and six support staff.
Furthermore, the purchase of Sabre will add annual fee income of £1m and over £160m in funds under management (FUM) to Fairstone.
Fairstone CEO Lee Hartley said: “The team at Sabre Financial bring a first-class and modern approach to their work, centred around building quality long-term client relationships, making them an excellent fit for Fairstone.”
“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.”
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By GlobalDataFairstone’s ongoing buying spree
Fairstone has brought its funds under management to over £1.3bn through its downstream buyout acquisition model.
In August this year, Fairstone snapped up Berkshire-based advice firm Chiltern House, thereby gaining around £400m in FUM and £2.6m gross fee income.
In June, the company acquired Lincolnshire-based MT Financial Management, which focuses on pension planning and investment management.
It followed the company’s previous acquisition of two advice firms in the UK that added £215m in FUM to its books.
Fairstone started the year with the purchase of Hamlyn Financial Services and Wagstaffs Wealth Management in January.
