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Deals Of The Day: The Latest In Wealth Management M&A - Fairstone, Other

Editorial Staff

28 February 2018

Fairstone Group
, UK financial planning firm, has completed the acquisition of Hertfordshire-based wealth manager Harrison White. 

Following the acquisition Steve White will join AFH as an advisor.

Under the terms of the acquisition, the maximum purchase price is £738,000 based on the ongoing gross profitability of the business, subject to the fulfilment of certain financial targets.

The initial consideration for the acquisition is £362,280 in cash, funded from the company's existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to performance criteria of the business acquired being achieved.

The acquisition is expected to contribute an aggregate of approximately £410,000 per annum of revenue to the company, whilst adding £55 million of funds under management.