Thu, 09 Apr 2026 | BUSINESS SALE
A Leeds-headquartered chartered financial advisory firm has completed its first acquisition in seven years with a deal for a local business. The Private Office (TPO), which is backed by Goldman Sachs Alternatives, has acquired fellow Leeds firm HEB Wealth.
Led by Managing Director Steve McDermott and Director Elaine Merritt, HEB Wealth is an established financial planning firm. Post-acquisition, McDermott and Merritt will both join TPO, bringing valuable experience into the group, while ensuring a smooth transition for HEB’s clients.
TPO has scaled primarily through organic growth over the past decade, an approach that has strengthened its profitability. As a result, there is now capacity for the firm to supplement its organic growth with targeted acquisitions aligning with its core values.
Earlier this year, TPO secured a minority shareholder investment from Goldman Sachs Alternatives, providing backing for future growth and development.
The acquisition of HEB Wealth adds around £100 million in assets under management (AUM) to the business, taking its total AUM to more than £3.1 billion, with annual turnover of £32.5 million.
Stuart Phillips, Chief Executive at TPO, said: "Our success in building a highly profitable business organically has put us in a strong position to make selective acquisitions that complement our growth strategy. HEB is a perfect fit, culturally aligned, geographically close and committed to the same principles of client care and financial planning excellence.”
HEB Wealth Managing Director Steve McDermott said: "We had reached that stage in our business development when we wanted to secure the best long-term future for our valued clients and colleagues. Like many advisory businesses this involves acquisition by a larger organisation.”
McDermott added that HEB was seeking to join “an organisation that would provide a real step change enhancement to the service, support and value” offered to clients, while preserving “the personal and tailored service that our clients have come to expect.”
He continued: "TPO for HEB represent a 'goldilocks' solution – big enough to provide all the improvements but focused on client service with that personal touch."
TPO acts for more than 5,500 individuals, businesses and charities, with a team of 182 staff. In addition to its Leeds headquarters, the company has offices in London and Bath.
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