Thu, 27 May 2021 | BUSINESS SALE
Fairstone Financial Management has completed the acquisition of Sterling Asset Management, the latest deal in the firm’s Downstream Buy Out (DBO) model. The DBO model sees the wealth management firm acquire a minority stake in an Independent Financial Adviser (IFA) with solid sales, robust management and a desire to grow, integrating the target company over two to three years, before completing the acquisition.
The DBO model drove eight acquisitions in 2019 and ten last year. The acquisition of Sterling Asset Management is Fairstone’s fourth of 2021 and the third since it received a significant investment from private equity firm TA Associates to back its continued acquisitive growth in February.
The acquisition of East Midlands-based Sterling Asset Management brings with it more than £100 million in funds under management, 1,000 new clients as well as Sterling’s four directors and three support staff.
Fairstone Chief Executive Lee Hartley commented: “We are delighted to complete the final acquisition of Sterling Asset Management which signifies another valued addition to Fairstone.”
“Sterling share our core values of putting clients at the heart of everything we do, making them an excellent fit and we have worked closely with the team throughout the integration phase.”
“Within Fairstone, we invest in forward thinking firms to optimise their capital value, providing the framework they need to significantly grow their business, without compromising on client service or independence. We are delighted to have Sterling on board.”
Discussing the decision to sell, Sterling director Simon Knighton said: "Our relationship with Fairstone means we can take full advantage of the support offered, leaving us with more time available to spend with our clients by utilising their economies of scale and expertise.”
"We are delighted to be working with Fairstone who have been good to their word throughout the merger process and remain as focused on quality outcomes for our clients as we are.”
Find businesses for sale here.
If you are looking for an exit, we can help!
Opportunity to acquire a discretionary investment managing £45m of clients funds with recurring income of £500,000.
Opportunity to acquire an established IFA business circa £42m AUM located in Glasgow with room for further growth.
Newcastle based IFA offered for sale, the practice benefits from low ongoing advisor charge of 0.6% providing room for potential uplift maximising profits post acquisition.
17
|
May
|
Focus Group continues acquisitive growth with telecoms deal | BUSINESS SALE
Business communications provider Focus Group has continued i...
17
|
May
|
Foresight-backed lab services group acquires sample storage specialist | BUSINESS SALE
Biofortuna, a laboratory services group backed by SME invest...
17
|
May
|
Brown & Brown acquires two insurance brokers | BUSINESS SALE
Brown & Brown (Europe) has continued its acquisitive activit...
07
|
Mar
|
Fairstone makes latest acquisition under DBO model | BUSINESS SALE
Acquisitive wealth management firm Fairstone Financial Manag...
30
|
Mar
|
Fairstone makes first acquisition of 2021 | BUSINESS SALE
Fairstone Financial Management has made its first acquisitio...
25
|
Feb
|
Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS
Acquisitive wealth management firm Fairstone Financial Manag...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.