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.”
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This well-established East Midlands firm boasts over £90m in funds under management, offering a solid foundation and potential for growth.
This is an exclusive opportunity to acquire a South Wales IFA business with substantial assets under management, offering a stable, recurring income stream.
This is a rare chance to acquire a well-established, chartered financial planning firm with £380 million funds under management, offering a robust client base and a strong reputation in the industry.
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