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Tyneside financial advisory group Fairstone has struck a deal with private equity house TA Associates that it says offers new opportunities for growth.

The undisclosed deal, which sees funds advised by TA take a significant stake in the Boldon business, comes as current private equity backers Synova have also reinvesting into the group whilst funders Alcentra has increased the scale of the acquisition facilities available to the company.

Fairstone will continue its buy-out programme - which typically sees it taking a small initiall stake in financial advisors before buying them out at a later date - but it said its stronger capital base will see it increase its acquisition activity.

Fairstone CEO Lee Hartley said: “From a client perspective, our proposition and status as an independent, whole-of-market business remains completely unchanged. We fully believe in the value of being chartered and our clients can be confident that this transaction only serves to enhance Fairstone’s ability to meet every single one of their financial planning and wealth management requirements.

“This is a multi-faceted deal and paves the way for us to march ahead with our build plan with the addition of a tremendously experienced global financial backer in TA. We believe they are the right people at the right time to help accelerate our strategy and we can start to put clear blue water between ourselves and some of our peers.

“The combined expertise and backing of TA, Synova and Alcentra means we have a deeper and wider foundation than ever before. We’ll use this foundation as a platform to do more deals with an emphasis on ambitious firms that are on a clear upward trajectory.

“We’re not looking to simply consolidate steady-state businesses – we want to invest in growth.”

Fairstone said its senior management team was also showing confidence in its new set-up by re-committing for another five to 10 years and investing capital back into the business.