Succession Wealth makes double acquisition

National advice firm Succession Wealth has acquired Bankhouse Financial Management and JCF Financial Services. Both advice firms are based in the south-west, with Bankhouse in Chippenham, and JCF in Salisbury.

The deals will bring Succession’s assets under management to £8.4bn, with £211 in AUM from Bankhouse, and £151 from JCF. Succession has experienced strong external growth since 2014, with 58 acquisitions bringing a total of £5.4bn in client assets to the company.

James Stevenson, chief executive of Succession Group, said: “Acquisitions are about partnerships. We look for firms whose client propositions, unique selling points and cultures fit well with ours – factors like location and size are considered, but they are of secondary importance.

“Our growth strategy remains jointly focused on continued organic growth and strategic acquisitions where we believe they add value to both parties. There are plenty of interesting opportunities in the market right now, and we will be making further announcements in the new year.”

Stevenson added: “However, we’re not focused on building scale for its own sake. In fact, in order to acquire the right quality businesses, we only develop more detailed conversations with around one in eleven of the firms we hold initial exchanges with.

“While the growth is exciting, our primary focus will always be on meeting the needs of our clients. We believe Succession is well placed to meet the growing demand for personalised, holistic and truly independent advice, with these being at the heart of what we do.”  

The deal follows reports that Inflexion, the private equity backer which owns a majority stake of Succession, intends to put the business up for sale in early 2022

Colin Perryman, executive director of Bankhouse said: “At Bankhouse, our aim has always been to build trusted, long-lasting relationships and to guide clients through their various life stages.

“In Succession, we found a firm that shares this commitment to high-quality, tailored advice. It is for this reason, as well as Succession’s impressive track record of integrating firms, that we are delighted to make this announcement.

“My industry journey started in Bristol, and I look forward to returning to the city to work alongside the fantastic team Succession has in place there.”

Kit Finney, principal at JCF Financial, said: “As our business grew, we decided to look for a partner with the scale to help service the complex requirements of our expanding client base.

“We spoke to a number of firms and our priority, as always, was to ensure clients got the best possible service moving forward. The quality of Succession’s client delivery stood out, particularly its investment proposition, which is excellent in the flexibility it provides.”

Succession Wealth is a buyer that Gunner & Co. have a strong relationship with. If you are looking to sell your business to them, book a meeting with our Senior Broker Gwill Evans click here.