Your IndustryAug 2 2017

Succession doubles acquisitions for 2017 with four deals

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Succession doubles acquisitions for 2017 with four deals
ByDamian Fantato

Succession Group has bought another four businesses from its affiliated membership, adding £520m to its funds under management.

The four companies – Prosperitas Independent Financial Advisers, Sigma Asset Management, Norris and Fisher Independent Financial Services and Tim Burton – have been acquired for a total consideration of £20.6m.

Paul Morrish, Succession’s corporate director, said: “We are delighted that these four high-calibre independent advice businesses have chosen to be acquired by Succession Group.

“We are a proven and trusted acquirer, with a track record of successfully transitioning IFA firms, optimising their capital value and helping them become sale-ready. 

“Building on our experience and expertise, we are pleased to have deployed our new fast track acquisition process – further refining our traditional, proven model - for those businesses that already share our model, values, vision and passion for wealth planning.

“Our targeted approaches meet the specific needs of sellers and continue the successful, profitable growth of Succession as a whole.”

The four deals double the number of acquisitions Succession has made this year, taking them to eight.

In the past three years Succession has bought 36 firms and has said it would accelerate its next acquisitions.

Harrogate-based Prosperitas Independent Financial Advisers joined Succession’s affiliated membership in 2015.

Its co-founder, Lawrence King, said: “Succession was unique in its commitment to increase the value of our business both before and after acquisition.

“Succession's strong leadership, client focus and commitment to independent advice and wealth planning, were significant factors in our decision to sell.”

He added that Harrogate would become a key location in Succession’s network of client servicing hubs.

Mr King said: “We are already actively recruiting for qualified wealth planners and support staff with the drive, commitment and character to meet the demands of a successful wealth planning brand.”

Surrey-based Sigma Asset Management joined Succession as a member in 2012.  Julian Milner, its managing director, said: “We were keen to establish an optimum structure, grow assets and achieve capital value for all stakeholders.

“Succession ticked all the right boxes, delivering a structured, standardised investment proposition.”