Wealth and investment management group Kingswood has bought Essex-based Joseph R Lamb Independent Financial Advisers in a deal worth up to £15.3m.

Kingswood will pay £7.65m of the deal price at the time of closing. The remainder will be paid by the company on a deferred basis over a two-year period, subject to certain pre-agreed performance targets, reported FT Adviser.

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Founded in 1970, the acquired entity offers financial advice to over 1930 active clients, primarily based in Essex.

The firm adds assets under advisement (AuA) of approximately £393m as well as seven advisers and 18 support staff to Kingswood.

The deal, which marks Kingswood’s third acquisition this year, is part of its strategy to create a hub in Essex and help it increase funds under management to £6.9bn.

Kingswood UK CEO David Lawrence said: “This acquisition creates a hub in Essex for Kingswood from which to grow and increases our footprint in the South which is strategically important to us.”

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Commenting on the deal, Joseph Lamb principal Martin Lamb added: “I am confident that Kingswood, as a leading advice business, have the team and culture to be able to do this and I am very excited about being able to deliver better outcomes for everybody. We have been impressed with the KW proposition, back office and systems and the depth of quality in their management team.”

Earlier this year, the company purchased financial advisory firm Allotts Financial Services and financial planning firm DC Cooke.

Last year, the firm acquired a number of firms, including Metnor Holdings, as well as Smythe and Walter.