Wealth manager Kingswood has purchased WFI Financial, a Sheffield-based financial planning firm, for a maximum cash consideration of £14m.

Apart from Sheffield, WFI also has operations in Derby, Lincoln, and Grimsby. The firm has 37 partners and employees and manages more than £550m in assets.

The deal is expected to wrap up at the end of this month, with £3.5m payable upon deal completion.

Kingswood will pay the remainder over 30 months, depending on the fulfilment of certain targets by WFI.

Kingswood expects the deal to immediately add to its earnings.

The latest acquisition will boost Kingswood’s assets under management to £2.5bn and its customer base to 5,500.

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By GlobalData

Kingswood group CEO Gary Wilder said: “The acquisition of WFI doubles the size of our wealth planning business and provides Kingswood with an opportunity to own a very profitable regional financial planning business with built-in expertise and capacity to expand.

“Both principals, Charlie Gillespie and Mark Rendall, are exceptional individuals with great track records in the industry and they will remain with the Group post integration and assume expanded roles on the Kingswood platform.

“They, along with their excellent team, will continue to focus on their core strengths of client advice and business development, with Kingswood centrally managing regulatory & compliance, finance, HR and IT responsibilities.”

The year 2019 has been busy for Kingswood.

In February, the firm snapped up Oxfordshire’s Thomas & Co Financial Services.

Three months later, Kingswood picked a stake in US-based Manhattan Harbor Capital.

In June, Kingswood collaborated with Flagstone to offer a cash proposition to its customers.

Earlier this year, Kingswood tied up with real estate investment manager Moor Park Capital Partners.