Skerritts, backed by UK-based private equity firm Sovereign Capital Partners, has purchased independent financial advisory (IFA) and wealth management provider Bradbury Hamilton.
Acquisition of the chartered IFA company, which is based in London, adds £330m of assets under management (AUM) and 570 customers to Sovereign.
The deal bolsters Sovereign’s reach in the South East of England.
It comes as the company completed five smaller deals in the region, which included the acquisitions of Geoffrey Craig and Saffron Wealth Management. The deals boosted Sovereign’s AUM by £150m and offered revenue synergies.
Sovereign partner Alex Hay said: “We are delighted with the pace of growth being achieved by Skerritts and the quality of the businesses attracted to the Group.
“In addition we are already seeing the benefits of significant investment in the Group’s technology capabilities such as Skerritts Online, Skerritts’ direct-to-consumer digital investment portal launched earlier this year.
“We continue to work with Richard and the team to support new opportunities for the Group and expand its geographic footprint through further strategic acquisitions.”
In March last year, Sovereign invested £55m in Skerritts with an aim to grow the business both organically and through acquisitions.
Skerritt, which was established by its CEO Richard Skerritt in 1990, delivers financial planning and investment management solutions.
Richard Skerritt said: “We are finding that our approach resonates well with IFAs whose primary focus reflects our own – providing the highest level of care and service to all clients.
“Investment is also being made in the team through senior hires.
“These include a Head of Client Proposition, to develop Skerritts’ direct-to-consumer platform and a Head of Advisors to support the expanded IFA team.”