Consolidator Fairstone has acquired Darlington-based Belasis IFA, through its downstream buyout (DBO) programme.
Under the DBO model, Fairstone works with firms for various years to integrate them prior to full takeover.
The deal adds £50m in funds under management and gross fee income of £500,000 to Fairstone’s books.
As part of the deal, five advisers and two support staff from Belasis have migrated to Fairstone. The acquisition also increased Fairstone’s client base by 1,250.
Belasis company principals Stewart Hodgson and Craig Dyball said: “Over the years we have developed a very strong service and investment proposition. As such, we wanted to find a well-established firm with strong ethical standards to support our proposition and help us to build our business, without eroding the high levels of service we provide to our clients.
“Fairstone’s general ethos and philosophy thoroughly enhances this attitude for the benefit of our clients.”
Among the services provided by the acquired entity include personal and corporate financial advice, retirement planning, investment portfolio management, equity release mortgages, VCT & EIS investments and protection.
Fairstone CEO Lee Hartley said: “The whole team at Belasis have a shared ambition with Fairstone to further grow their operation and with our support in areas such as client activation, marketing, compliance and regulation, we are able to help partners such as Belasis achieve very significant levels of organic growth.”