UK based wealth management company AFH Financial has finalised the acquisition of Bedfordshire-based Ashton House IFA, marking its 13th acquisition this year.
The maximum deal consideration is £2.6m, of which an initial £1.05m will be paid in cash. The initial payment will be funded using AFH’s existing cash reserves.
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The consolidator will make the remaining payment in cash over the next 26 months, depending on the fulfilment of certain performance targets.
As part of the deal, Ashton House founder Tony James will move to AFH in the role of a financial adviser.
James will focus on strengthening AFH’s presence in the Home Counties, while continuing to serve his existing clients.
AFH CEO Alan Hudson said: “The acquisition of Ashton House extends AFH’s client base and coverage within the Home Counties and complements other acquisitions made in 2018, including Harrison White and Monopoly Financial Consultants, which were announced earlier this year.
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By GlobalData“I am pleased to welcome Tony to AFH and I look forward to working with him to develop the business and provide his existing clients with the benefits of the AFH proposition.”
The latest deal is AFH’s fourth acquisition in a span of around two weeks.
Earlier this week, the consolidator marked its twelfth purchase with the acquisition of Devon-based LFS & Partners for a maximum consideration of £4.2m.
