Consolidator Fairstone has acquired Professional Partners, a Glasgow-based financial advice firm, through its downstream buy out (DBO) programme.
Professional Partners provides personal and corporate financial advice to nearly 800 clients. The takeover marks Fairstone’s fourth acquisition in 2017.
The DBO model involves Fairstone initially taking a minority stake in the acquired business and eventually integrating them into the business at the end of an agreed period.
The deal adds around £160m in funds under management and £1.1m in revenue to Fairstone’s books.
Fairstone CEO Lee Hartley said: “Professional Partners have been advising clients for over 27 years and in common with Fairstone, is dedicated to quality service. The whole team are consummate professionals and have a shared ambition to grow the business – through this acquisition we are delighted to have secured such a strong presence in Glasgow and across the wider region.
“We have always believed that clients should never be commoditised and throughout the acquisition process clients have remained the priority.”