Fairstone has made its first deal of the year with the acquisition of Mantle Financial, an IFA based in Surrey, which specialises in holistic advice for high-net-worth individuals.
Under the terms of the deal, £450m in funds under management, along with eleven advisors and sixteen support staff, will be transferred to Fairstone.
The acquisition is another of Fairstone’s success stories with its unique downstream buy out (DBO) model, with Mantle joining Fairstone’s ranks back in 2020 in preparation for a potential deal. Clive Shaw and Colin Caulfield, principals at Mantle, said that they joined the model to alleviate “the increasing difficulties of being a medium-sized IFA directly regulated by the FCA”.
Mr Caulfield continued: “Joining Fairstone was the right decision as they are an independent, chartered, national firm which is not just interested in the client bank, but the company as a whole.
“We all look forward to becoming a full part of the successful Fairstone group and firmly believe this will be in the long-term best interests of both our clients and the company.”
Lee Hartley, chief executive officer at Fairstone, said: “Mantle Financial Planning is a quality firm with first-class individuals, who share our dedication to exceptional service and are committed to long-term organic growth, making them an excellent addition to the Fairstone family.
“We have supported their growth through the integration phase, which is borne out in the increase in revenue and clients they have seen over the past two years.”
Mr Hartley continued: “In simple terms we act as an investment partner for businesses joining us, providing the centralised resource, technology and capital to support sustainable growth ahead of a sale, making a real impact on profits and valuation.
“I am delighted to say we go into 2023 in an extremely strong position and look forward to announcing further expansion within the group.”
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