Consolidator Fairstone has continued its buying spree with the acquisition of South Wales-based UskVale Financial Planning.
The deal, which was carried out under Fairstone’s downstream buy out model, was first announced in 2017.
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Under this model, Fairstone typically purchases a stake in the to-be acquired firm, in order to integrate it to the company over a two-year period, before the final takeover.
UskVale specialises in in the management of investment and retirement portfolios.
The deal brings to Fairstone 700 active clients and adds gross fee income of £1.2m and funds under management of £120m.
Fairstone CEO Lee Hartley said: “We are delighted to complete the final acquisition of UskVale, having worked closely with them throughout the integration phase. The team’s client-centric ethos and first-class approach to their work makes them an excellent fit for Fairstone.”
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By GlobalDataUskVale company principal Paul Pelopida said: “We joined Fairstone in 2017 as I was impressed with the people as well as the approach and attitude of the company, particularly in relation to remaining truly independent and allowing the full whole of market range of solutions to be considered for each and every client.
“Fairstone has delivered in every aspect and we are able to continue to deliver superior and fully holistic financial planning in a fully independent way to all our clients. Flexibility and choice combined with extensive research and support, ensures our clients continue to receive the first-class advice and service they are accustomed to.”
Recent deals
Last week, Fairstone agreed to purchase advice firm Sabre Financial, marking its ninth deal this year under its downstream buy-out model.
In August this year, Fairstone snapped up Berkshire-based advice firm Chiltern House, thereby gaining around £400m in FUM and £2.6m in 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.
