Wealth manager strengthens portfolio with new acquisition
Worcestershire wealth management firm, AFH, has further expanded its portfolio with the acquisition of a firm in Hertfordshire.
The Bromsgrove-based firm has completed the acquisition of Harrison White FS Ltd, based in Tring, for a maximum purchase price of £738,000, based on the ongoing gross profitability of the business and subject certain financial targets being met.
The acquisition, the fourth by the firm this year, is expected to contribute an aggregate revenue of approximately £410,000 per annum, whilst adding £55m of Funds under Management.
The deal also sees the owner of the firm, Steve White, join AFH as an adviser.
The initial consideration is £362,280 in cash, funded from AFH’s existing cash resources. Further deferred consideration will be payable in cash over the next 26 months in two tranches, subject to performance criteria being achieved.
Commenting on the deal, Alan Hudson, chief executive of AFH, said: “I am pleased to report our fourth acquisition of the financial year which further strengthens our presence in the Home Counties. Steve maintains a strong local network through his sporting connections and I look forward to working with him for the benefit of our new clients and to increase shareholder value.”
