North East financial planning group Fairstone has announced a landmark 50th acquisition after snapping up an advisory firm based in Sidmouth.
The Boldon business has acquired East Devon Associates - a five-strong firm based in Sidmouth - in its third deal so far this year as well as helping it reach its 50th acquisition since starting its mission to add smaller firms to the company 10 years ago.
The company also said it had now reached £100m revenue.
Read more: go here for more North East business news
CEO Lee Hartley said: “We’ve now reached three very significant milestones which reflect our substantial growth in a very clear fashion.
"These are real indicators of maturity and are also important markers in our mission to establish ourselves as the leader in the whole-of-market wealth advisory space.
“Our first acquisition 10 years ago laid the foundations for our exceptional London business that has evolved from those origins.
"Thanks to the success of our unique downstream buy out (DBO) acquisition programme, we now enjoy a truly national footprint, delivering first-class service to clients countrywide.
Most Read
“Building on this position, our plan is to accelerate the group’s growth through continued focus on our proven proposition and targeting some select new geographies. We really do want to put clear blue water between ourselves and some of our peers.”
Fairstone said it now oversees £13bn in funds under management for 40,000 wealth clients and operates from 42 locations.
Last year TA Associates became Fairstone's majority owner. Private equity backers Synova also reinvested in the group, and funders Alcentra increased the scale of acquisition facilities available.
Mr Hartley added: “The combined expertise and backing of TA Associates, Synova and Alcentra provides us with the capacity to expand our acquisition activity with the benefit of an exceptionally deep and wide capital base.
"This underpins our growth trajectory, and we are looking to bring more ambitious firms into the group over the course of the next 10 years and beyond.”
East Devon Associates - which looks after 500 clients - partnered with Fairstone through its DBO proposition in 2019, and during its integration phase saw a 17% increase in revenue.
Company principal Graham Salter said: “Working with Fairstone over the past two years has reassured us that we have made the right choice for ourselves, our staff and most importantly for our clients.”
Don’t miss
Mr Hartley added: “Watching the Fairstone family flourish is an immense source of pride to me, and I am grateful to everyone who has been part of that journey. It’s fitting that we’re able to celebrate our significant business highlights today while welcoming a quality firm such as East Devon Associates.
“Graham, Martin and the team will become long-term colleagues, joining us on the next stage of our journey, as we continue to invest in growth, bringing in like-minded businesses who share our vision and commitment to excellence in the sector.”