UK financial group AFH has completed the acquisition of the client portfolios of Meritor, the financial advisory business of Freeths LLP, a national legal practice.
Under the terms of the acquisition, the maximum purchase price is £0.53 million dependent upon performance criteria of the assets acquired. The transaction is expected to add approximately £330,000 of annual recurring revenue, funded from the company's existing cash resources.
Further deferred consideration will be payable in cash over the next 14 months, subject to performance criteria of the assets acquired being achieved.
Alan Hudson, chief executive of AFH, said: "This latest acquisition will continue the expansion of our national distribution in our core mass affluent and high net worth client base. The acquisition of the assets of Meritor provides a pathway to work with Freeths in the future to provide their clients with access to the AFH advice and asset management model and gain advantage from the scale that AFH provides.”
This follows the group’s most recent acquisitions of Lifetime Investment and Seminar Services based in South Yorkshire and Hertfordshire-based IFA Mark Hughes & Associates Limited in April.
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