Thu, 03 Mar 2022 | BUSINESS SALE
Aviva has acquired independent financial adviser (IFA) Succession Wealth for £385 million, approximately a 7.1x multiple of the wealth management business’ £54.3 million revenue for 2020. The acquisition will bolster Aviva’s presence in the wealth management space, enabling the insurance and pensions firm to expand its advice offering for customers.
Succession Wealth brings with it approximately 19,000 UK clients and around 200 wealth planners advising on £9.5 billion in assets. Post-acquisition, Succession Wealth will continue operating under its own brand as an independent, separately regulated advisory firm. The deal is awaiting regulatory approval and is expected close in the second half of the year.
Aviva says that it is in a “strong capital position” and that the deal is forecast to deliver a medium-term, double-digit return on invested capital. Doug Brown, CEO of Aviva UK and Ireland Life, said that Succession Wealth “have built a great business over the years” and commented that he was “confident that Aviva’s scale, resources, capabilities and shared vision will enable Succession Wealth to further expand its leading client and planner proposition in the UK’s attractive wealth market.”
Brown added: “This acquisition will broaden our advice offering and will help our existing customers currently without an adviser to better secure their financial future.”
Aviva group CEO Amanda Blanc said: "The acquisition of Succession Wealth boosts Aviva's presence in the fast-growing UK wealth market, supports our strategy to grow sustainably and expands Aviva's ability to offer high quality financial advice to millions of our customers."
Succession Wealth has grown considerably since it was founded in Plymouth in 2008, carrying out 60 acquisitions. Two years ago, the company moved its headquarters to Birmingham, but retains a base in Plymouth, as well as operating from locations in Edinburgh, Chester and Rugby.
Succession Wealth CEO James Stevenson, who will remain in place post-acquisition, said: “The demand for financial advice across the entire wealth spectrum has never been greater, and the opportunity to combine Succession Wealth’s holistic financial planning expertise, with the capabilities and customer reach of Aviva is hugely exciting.”
“The Succession Wealth brand and our core independent advice proposition is fundamental in providing ongoing stability and reassurance to our existing clients and our people as we embark on this new journey as part of Aviva.”
Read more about M&A in the pensions and professional services sectors.
Find businesses for sale here.
If you are looking for an exit, we can help!
An outsourced employment law and HR specialist offering a comprehensive range of services for clients throughout the UK.
LEASEHOLD
A specialist consultancy providing project controls/planning, design management and workflow optimisation support for clients across the UK, the USA and the EU. The company’s comprehensive service offering helps clients plan, manage and control th...
LEASEHOLD
The company specialises in the authoring and compilation of record and handover documentation for buildings, which it delivers via its own in-house developed web-based software platform, electronically, and high-quality hard copy. Priding itself o...
LEASEHOLD
27
|
Jan
|
Administrators to sell assets as office furniture maker collapses | ADMINISTRATION
Bluespot Furniture, a West Yorkshire-based furniture manufac...
26
|
Jan
|
UK M&A down 16 per cent in 2022, but sentiment remains optimistic | BUSINESS NEWS
New analysis from PwC has revealed that UK M&A activity decl...
26
|
Jan
|
Private equity-backed law firm targeting further M&A in 2023 | BUSINESS NEWS
Stowe Family Law, a Leeds-headquartered specialist family la...
Sign up to receive our acquisition alert emails to get your FREE guide
12
|
Aug
|
Aviva to complete Succession acquisition and support further consolidation | BUSINESS SALE
Aviva is poised to complete its acquisition of wealth manage...
13
|
Oct
|
Aviva sells Taiwan branch for $1 | BUSINESS SALE
UK insurance firm Aviva, which has about 33 million customer...
20
|
Jan
|
Aviva cuts jobs as part of merger | MERGER
A merger between Aviva and Friends Life will involve the cut...
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