Consolidator Harwood Wealth Management has acquired Castleton Financial Planning, an independent financial advisory (IFA) firm with offices in Somerset and Dorset.
The consolidator will pay a maximum consideration of £1.6m for the transaction, which is expected to close this April.
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Of the total deal amount, Harwood will pay 50% following completion of the transaction.
An additional 25% will be paid on the first anniversary of deal completion, while the remaining 25% will paid on the second anniversary of completion.
The consideration will be “contingent upon results”, the consolidator said.
Harwood chairman Peter Mann said: “The acquisition of Castleton is our second this financial year, and in line with our strategy has a strong cultural fit to the Group.
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By GlobalData“It is very pleasing to have started 2019 with the purchase of two quality businesses, and we continue to see a healthy pipeline of opportunities available to us.”
Recent acquisitions by Harwood:
Last month, Harwood bought Hampshire-based IFA GD White for a total consideration of £1.5m.
Harwood’s IFA consolidation activity was at full steam in 2018 as well.
In April 2018, Harwood acquired Berkshire-based Fund Management.
In the same month, the consolidator acquired the assets of retirement solutions firm Plan65, also based in Berkshire.
Earlier last year, Harwood snapped up Southampton-based AE Financial Services.
