Wealth management company Succession Group have bought two smaller independent firms in a deal worth £10 million, it was announced on Thursday.
Chambers Group and Plan4Wealth have over £200 million in funds under management, with Chambers Group CEO Mark Stokes calling the deal a “cultural fit”.
“The valuation at £10 million underlines the quality of the combined propositions. Yet for both businesses, the cultural fit was far more important than the deal price, and we undertook extensive due-diligence to be certain our clients, staff and stakeholders would be as comfortable with Succession as they have been for the last 21 years with Lewis Chambers and Plan4Wealth”, Stokes continued.
“No other consolidator or national IFA firm came close to Succession’s deal, with a capital event now and ongoing reward and recognition.”
Succession Group itself has around £4.5 billion in funds under management and recently received a hefty sum of investment from HSBC. The group have continually added smaller firms into its business, acquiring four other firms this time last year, including Cornwall-based TMS, Sheffield-based Facts Financial, and Firth and Scott and Carson Associates in Nottingham. At that time, the company said it planned to acquire 50 of the best firms from its membership by 2018.