Fairstone Group has fully acquired Lancashire-based McParland and Partners.
The consideration was not disclosed.
The deal was secured under Fairstone’s downstream buyout (DBO) model. It sees Fairstone take an initial minority stake in an IFA business and integrate the firm over a number of years before completing a final acquisition. Fairstone first partnered with McParland & Partners in July 2014.
McParland and Partners is based in Nelson, Lancashire, and has operating satellite offices in Manchester and Sheffield. The firm offers independent financial advice to SMEs and private clients, as well as providing specialist services such as independent trustee services. It’s eight advisers and 15 support staff have joined the Fairstone Group to work for a smooth transition for their 2000 clients throughout the DBO process.
The deal brings total revenue of £1.8m to the Fairstone Group and funds under management of approximately £160m.
CEO of Fairstone Group Lee Hartley (pictured above) said: “Sean’s vision has always been to provide the highest quality independent financial planning and investment services. McParland and Partners boasts a senior team of Chartered financial planners, supported by highly experienced staff, which creates an ideal fit for a Chartered group such as Fairstone. Their consistent, client-centric approach is vital as we move into a period of political and economic uncertainty and we very much look forward to our continuing work with the team.”
Principal at McParland and Partners Sean McParland added: “The acquisition by Fairstone means that our clients can look forward to a continuation of the high quality of advice and service they have enjoyed. The strength of Fairstone’s technology input will provide significant opportunities to continue to grow the business well into the future and to leverage a national brand of Chartered Financial Advisers.”