National independent advice firm LEBC has bought Aspira Corporate Solutions in a £5m deal.
Aspira, which is based in Bristol, employs 50 staff and has more than 11,000 clients with nearly £500m in funds under management.
It specialises in workplace pensions and wealth management for executives and private clients.
Derek Miles, Aspira’s chief executive, will join LEBC as part of its senior management team and become a shareholder.
Jack McVitie, chief executive of LEBC said, "We have known and admired Aspira for many years and this is a significant acquisition for LEBC as it strengthens us further through additional experienced personnel and geographic coverage.
"Aspira is a very good strategic fit and conducts its client relationships with the same integrity and commitment that we demand.
"I look forward to a successful integration and am delighted to finally have the opportunity to work with Derek Miles as a colleague and fellow shareholder."
The transaction will be paid for in a combination of cash and LEBC shares.
In its latest results, for the year until the end of September 2016, LEBC posted a profit after tax of £1.7m, up from £1.4m for the previous year.
Mr Miles said, "As a business that has always focused on our clients and staff, finding a like minded business is never easy, but in LEBC we have found the perfect partner.
"I am very much looking forward to bringing the two businesses together and to joining the senior management team at LEBC."
damian.fantato@ft.com
