Wealth management firm Succession Wealth has acquired Pannells Financial Planning that manages £1.4bn in client assets.
Set up in 1989 in the UK, Pannells has seven offices in England and Scotland. It offers a range of bespoke financial solutions for individuals and businesses.
Commenting on the deal, Succession Group CEO James Stevenson said: “We are hugely excited to partner with Pannells, a firm we have long admired for its values, success and strong commitment to independent advice. The cultural fit between us that is so present with Pannells is central to how we assess strategic acquisition opportunities.
“This has been a busy period of corporate activity, but our strategy remains focused jointly on continued organic growth and strategic acquisitions only where we believe they add value to both parties.”
Pannells provides advice on all aspects of financial requirements such as savings, investments, retirement planning for individuals.
With regard to businesses, it aids in securing the financial future of employees and the business through employee benefit schemes, auto-enrolment programmes, , and more.
Pannells Financial Planning managing director Frank Williamson said: “After a strong and sustained period of organic growth, we felt partnering with a larger firm was the natural next step for our clients and our team. We are extremely proud of the excellent work done by the Pannells team on behalf of our clients over many years.
“It was clear from our discussions that both Succession and Pannells have a shared commitment to their clients and their teams, focused on principles of high professional standards, value for money and totally independent advice.”
He further added: “Succession’s expertise in integrating firms is well-known and they have shown a real willingness and ability to make the process as positive and straightforward as possible.”
This acquisition takes Succession Wealth’s private client assets under administration to more than £9.4bn.
This deal also represents Succession’s 59th acquisition since 2014, and comes following the recent announcements of acquisitions of JCF Financial and Bankhouse, which together brought £211m in client assets.
Stevenson added: “While we do see plenty of interesting opportunities in the market, we’re focused on acquiring high-quality businesses whatever their size and building scale to the benefit of our clients – not for its own sake.”