Elevation bought Innovate Financial Solutions for an undisclosed sum, making it the firm’s 11th deal.
As part of the deal, Innovate's offices in Essex and London will remain open to bolster Elevation’s presence in the South East.
Elevation is a privately-owned company which was formed in 2011 as a specialist integrator of IFA practices throughout the UK.
Established by IFAs, Elevation said it delivered “bespoke solutions” for IFA firms looking to sell their businesses either now or in the near future.
The deal, which was brokered by Gunner & Co, was Elevation's the fourth acquisition in 2021.
Tony Smith, managing director of Elevation, said: "Innovate Financial Solutions was a good match for us in terms of geography, clients and service offering, and we’re grateful to the team at Gunner & Co. for their management of the deal.”
As part of the deal, Innovate's director Gary Lewis will continue to work as a consultant in the South East, while his fellow director Tony Tillett will retire.
“Finding the right buyer for the business was so important – it’s not just about the financials,” Lewis said. “The key to the right deal is knowing our clients will be well looked after, and I am confident Elevation will exceed our clients' expectations.”
Louise Jeffreys, managing director at Gunner & Co, added: “We’re delighted to assist both parties in structuring and completing this deal, despite the unusual working practices coronavirus dealt us.
"Both parties have been clients of Gunner & Co for a number of years, so spotting the match came easy. The structure of the deal was tweaked to reduce risk to both parties, whilst delivering sufficient opportunity for all, especially Innovate clients.”
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