British wealth manager Kingswood has brokered a deal to buy North Lincolnshire-based chartered financial planning firm Admiral Wealth Management.
Kingswood will pay a cash consideration of £4m for the purchase, subject to regulatory approvals.
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Under the agreement, £2m will be paid at closing of the deal while the remainder will be paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.
Led by Peter and Carol Waller and Mike Biggin, Admiral offers independent financial advice to individuals and corporates primarily in Lincolnshire and Yorkshire.
The company has seven employees, including two advisers managing approximately £100m in assets on behalf of around 600 clients.
Biggin and senior consultant Adam Harrison will lead the business forward as part of the Kingswood group.
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By GlobalDataThe deal, which marks Kingswood’s first acquisition this year, is also the first under its new CEO David Lawrence.
It is said to expand the company’s UK client facing advisory team to 66 people. It also increases the company’s client base to 8,500 clients and its funds under advice and management to £3.5bn.
Lawrence said: “I am thrilled to announce our first acquisition under my leadership and look forward to welcoming Mike Biggin, Adam Harrison, and the Admiral team to Kingswood.
“Admiral is a highly regarded provider of financial advisory services in North Lincolnshire and Yorkshire having consistently delivered a high-quality service to clients for over 30 years.”
He also stated that the company remains committed to perpetuating its stated growth strategy within the UK and internationally.
“We have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence representing pro-forma operating profit in excess of £2.5m as we continue to grow our financial planning and investment management reach across the UK,” Lawrence added.
Last November, Kingswood ramped up its US expansion strategy by wrapping up the deal to acquire a 50.1% controlling stake in Manhattan Harbor Capital.
