KW Wealth has agreed to acquire Marchant McKechnie Independent Financial Advisers, an East Yorkshire-based firm that offers personal and company pensions, investments, and tax planning services to nearly 700 clients.

The deal, which is pending regulatory approval, marks KW Wealth’s first acquisition since its rebrand from European Wealth last month. The acquisition will add around £200m in assets to KW Wealth’s books.

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KW Wealth CEO Marianne Ismail said: “The rebranding of European Wealth to KW Wealth and the acquisition of Marchant McKechnie are first steps. Our objective is to grow both organically and dynamically by acquisition in the UK and US, and we are actively looking at opportunities in both countries.”

KW Wealth will pay a maximum of £4m for the transaction, including an upfront cash payment of £1.6m. The balance will be paid depending on the fulfilment of certain revenue metrics over the next two years.

The acquired entity will continue to operate from its Beverley branch and will serve as KW Wealth’s seventh UK regional office. KW Wealth’s other UK branches are located in London, Manchester, Cheltenham, Maidstone, Brighton, and Worcester.

KW Wealth expects the deal to be “immediately earnings enhancing”.  The acquisition will take the firm’s assets under advice to over £2bn, while boosting its active client base to over 4,000 and its financial adviser headcount to 20.

Marchant McKechnie founder Neil McKechnie said: “KW Wealth has a strong platform that will enable a number of synergies to be realised through the combination of our businesses and we look forward to playing our part in helping KW Wealth achieve their ambition of becoming one of the leading wealth management providers in the UK market.”