Consolidator Fairstone has acquired Chadney Bulgin, adding over £850m in funds under management.
Financial terms of the deal were not disclosed.
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Said to be a whole-of-market advice firm, Chadney Bulgin specialises in advice and management of investment and retirement portfolios.
It has two office locations in Fleet, Hampshire and Chichester, West Sussex.
The firm brings additional 11,000 wealth and mortgage clients to Fairstone along with its 27 advisers and 38 support staff.
Fairstone carried out the acquisition through a new structured buy out proposition, which target larger IFA firms looking to ‘realise top-tier value’ based on current profitability.
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By GlobalDataChadney Bulgin principals David Thomas and Martyn Griggs remarked that Fairstone proposition will enable them to offer an independent offering to the clients while being part of a larger organisation.
Commenting on the deal, Fairstone CEO Lee Hartley said: “Welcoming Chadney Bulgin marks a valued addition to the group and continues our commitment to invest in quality, forward thinking firms that are on a clear upward trajectory.
“We are looking forward to working with the team to support them to significantly grow the business, without compromising on client service or independence.”
The latest deal follows Fairstone’s takeover of West Yorkshire-based advice firm Utopia Financial Planning.
The firm also purchase of Nottingham-based financial planning firm James Ryan Thornhill, Findlay & Company Financial Services, Chartermarque and Hammett and Petch Financial Planning this year.
In February this year, Fairstone secured a major funding from private equity firm TA Associates to accelerate its acquisition activity through an enhanced capital base.
