Financial planning consolidator Fairstone has signed a deal which will bring another £104 million in assets under management to the group, its fifth buyout agreement so far in 2020.
The firm to be acquired, Financial Concepts, has more than 5,000 clients, six advisers and five support staff to the wider business, as well as gross fee income of £1 million.
The acquisition will be via Fairstone’s proprietary downstream buy out (DBO) model. This model is where Fairstone takes a small stake in a firm, and integrates it gradually, before making a full purchase.
Private equity group Synova took a £25 million st...