Wed, 15 Mar 2023 | BUSINESS SALE
Brighton-based financial advice firm Skerritts has continued its M&A-led growth with a deal to acquire Horsham-based independent financial adviser (IFA) Mercier Allen and Associates. The acquisition is the sixth that Skerritts has completed since it was backed by Sovereign Capital Partners in March 2021.
The acquisition strengthens Skerritts’ presence in West Sussex and brings with it £73 million in assets under management (AUM). The deal is Skerritts’ second of the year so far, following the four acquisitions it completed during 2022.
Skerritts had been acquisitive prior to receiving £55 million in backing from buy-and-build specialist private equity firm Sovereign Capital Partners, but the new funding has helped accelerate this M&A growth considerably and enabled the company to capitalise on the intense consolidation occurring in the UK’s wealth management sector.
Last year's acquisitions saw the company add new locations in London, Kent and Hampshire, along with a total of around £560 million of AUM. In January 2023, Skerritts further strengthened its presence in Kent with the acquisition of Equinox Wealth Limited, which brought a further £62 million of AUM.
Commenting on the acquisition of Mercier Allen, Richard Skerritt, CEO of Skerritts, said: “As part of our strategic plans to increase our presence in the South East, adding a high-quality firm such as Mercier Allen to the group enables us to increase our presence in Sussex and adds Neil and his staff to our great team of people. We very much look forward to working with them.”
Mercier Allen director Neil Mercier added: “As the financial services industry has moved at a fast pace over the past few years, especially in areas such as technology and digital solutions, I have spent some considerable time looking thoroughly at potential companies that could complement us in these areas.”
“I considered the options very carefully to ensure that our valued clients are well looked after going forward and after extensive research, it was obvious that Skerritts are the best choice for the safeguarding of our clients’ financial future.”
Find out how trends such as technology and private equity investment are driving M&A in the wealth management sector.
Read about M&A in the wider financial services industry.
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An exciting opportunity to acquire a well-established independent financial advisor firm with £125m in funds under management in Wiltshire.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
This firm represents a superb opportunity to establish a hub, with staff and offices already in place.
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