Solomon Capital Holdings, a newly created wealth manager backed by US private equity firm JC Flowers, has signed a deal to buy advice firm Beaufort Group.

Financial terms of the deal were not disclosed.

Under the agreement, Solomon will take full ownership of Beaufort Financial and its discretionary fund management arm, YOU Asset Management.  

The deal forms part of the first stage of Solomon Capital’s strategy to develop a national advice business serving more than 50,000 clients.

As part of the deal, Beaufort CEO Derrick Dunne and co-chairman Simon Goldthorpe will join Solomon’s executive team.

Beaufort Financial, Beaufort’s network arm, and YOU will retain their existing brand identities and control over day-to-day operations.

Commenting on the deal, Goldthorpe said: “The deal with Solomon is a positive, natural and planned next step for the business and one about which we are extremely excited.

“We partnered with Solomon because the quality and vision of its leadership team, combined with the strength and track record of its financial backer, will provide us with the platform to set new standards in how financial advice is delivered in the UK.”

Solomon Capital was founded last year by ex-Intrinsic chief executive Andy Thompson and former Quilter managing director Darren Sharkey to offer holistic and hybrid advice and high-quality customer service to mass affluent customers.

Thompson said: “Over the years, Simon, Derrick, Andrew Bennett and the team have built tremendously successful businesses in Beaufort Financial and You, earning great reputations in the process.

“The complimentary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”