AFH, a UK-based financial planning led wealth management firm, has acquired Hertfordshire-based Monopoly Financial Consultants in a deal valued at £631,000.
Under the terms of the deal, AFH will initially pay £333,000 in cash, with the remaining amount to be paid in cash over the next 26 months in two instalments, subject to the performance of the acquired business. AFH has funded the deal through its cash resources.
The acquirer believes that the deal, which completed on 5 January 2018, will contribute about £170,000 of recurring revenue to the company.
As per the agreement, Monopoly director Nigel Parbrook will join AFH as an adviser.
Commenting on the acquisition, AFH CEO Alan Hudson said: “This is our third purchase of an IFA business for the current financial year, reflecting our strong pipeline of acquisition targets.
“This latest acquisition further increases our capacity in the South East of England and I look forward to working with Nigel for the benefit of our new clients and to increase shareholder value.”