AIM-listed consolidator AFH has bought two West Midlands IFAs in deals worth a combined £1.4 million.
It has bought the assets of Arden Financial Capital and the share capital of Martin Cooper Wealth Management.
AFH did not reveal how much it paid to buy each business, but said it would pay an initial consideration of £700,000 to buy the pair, with a further £700,000 potentially due in performance-based payments.
The two companies will boost AFH’s funds under management by £50 million, and will add around £430,000 in revenue.
Three advisers from Arden Financial Capital will stay with AFH as advisers following the deal. Other advisers involved will leave or retire.
AFH chief executive Alan Hudson (pictured) said the two acquisitions were part of a growing market for buying firms this year.
‘These two acquisitions, our eleventh and twelfth purchase of IFA businesses during the year, confirm the continued high level of activity that we are seeing in the market,’ he said.
For more information on the M&A market and specifically selling your business to AFH contact Gwill Evans – Gwill.Evans@gunnerandco.com
Originally posted on New Model Adviser
