Chambers Group and Plan4Wealth have been acquired by Succession Group in a deal worth more than £10m.
The independent wealth management businesses, with offices in Maidenhead and Farnham, have more than £200m in funds under management.
Mark Stokes, managing director of Chambers Group – which trades as Lewis Chambers, said: "Succession has an excellent proposition and has delivered on all its promises.
“The valuation at £10m underlines the quality of the combined propositions.
“Yet for both businesses, the cultural fit was far more important than the deal price, and we undertook extensive due-diligence to be certain our clients, staff and stakeholders would be as comfortable with Succession as they have been for the last 21 years with Lewis Chambers and Plan4Wealth.
“No other consolidator or national IFA firm came close to Succession’s deal, with a capital event now and ongoing reward and recognition.”
The valuation at £10m underlines the quality of the combined propositions.Mark StokesLast year Succession received investment of more than £25m from HSBC and its existing shareholders towards its strategy of buying the best 50 firms from its affiliated membership by the end of 2017.
Succession’s national wealth management and platform business has £4.5bn in funds under management with a further £8bn in the back books of Succession’s affiliated membership.
Simon Chamberlain, chief executive of Succession, said: “Lewis Chambers and Plan4Wealth joined Succession with a clear agenda for acquisition.
“Already in fantastic shape and a great fit for our model, we made the acquisitions in record time - within just six months of them joining as member firms.
“As client-centric firms, a seamless acquisition with no disruption to the business was vitally important to both Lewis Chambers and Plan4Wealth, who have been able to continue providing essential services to clients throughout.”
damian.fantato@ft.com
