Advice consolidator AFH has bought a Devon-based financial advice firm in a £4.2m deal.
As part of the deal to buy LFS & Partners, which has offices in Barnstable, Taunton and Minehead, 27 financial advisers and mortgage advisers will join the company, including managing director James Tucker.
The deal will also bring more than £300m in funds under management to AFH.
Alan Hudson, chief executive of AFH, said: "The acquisition of LFS is our twelfth transaction of the year and enhances AFH's strong position in the south west. The transaction complements our successful integration of Davisons in 2016 and three subsequent acquisitions in the region.
"I am pleased to welcome James and his team to AFH and I look forward to working with them to further the development of the AFH brand and to provide the LFS existing clients with the benefits of the enhanced AFH proposition."
Under the terms of the deal, AFH will pay £2.2m in cash, funded from its cash resources, while the rest will be paid over the next 26 months subject to performance criteria being met.
Last week AFH made its largest acquisition of 2018, buying the client book of Chesterfield-based HTH Group in a £5.1m deal.
damian.fantato@ft.com
