Wealth consolidator AFH Financial Group has acquired West Midlands-based Hayburn Rock Group and its subsidiary companies.
The deal adds more than £100m in funds under management to AFH’s books.
Hayburn managing director Stephen Perks along with nine advisers will migrate to AFH as part of the transaction.
AFH will pay up to £3.5m for the acquisition, including an initial payment of £900,000 in cash. The consolidator will fund this payment using its existing liquidity.
The remaining consideration will be paid over the next 29 months based on the performance of the acquired assets.
AFH CEO Alan Hudson said: “The acquisition of Hayburn is our fourth transaction this financial year and further consolidates AFH as a leading financial planning led wealth management firm in the West Midlands and indeed the UK. Hayburn is a local business to AFH which should enable an efficient integration process.
“I am pleased to welcome Stephen and his team to AFH and look forward to working with them to provide their existing clients with the benefits of the full range of AFH services and to increase shareholder value.”
The latest transaction continues AFH’s buying spree, the most recent being the acquisition of Hull-based advisory firm CTL Three. AFH bought CTL Three at a maximum consideration of £10m, marking the largest-ever acquisition in its history.