Newell Palmer has acquired HIA International (Financial Services) in a deal brokered by Gunner & Co.
Coventry-based HIA International Financial Services is the advisory arm of the HIA International group, which was founded in 1996. The general insurance side of HIA International will continue operating as its own independent business and is not part of the deal with Newell Palmer.
This is the third acquisition by Wolverhampton-based Newell Palmer in 2018 and is the 49th acquisition since the company’s creation in 1993.
Gunner & Co were the introducing broker and adviser on the transaction.
Two-thirds of HIA International Financial Services’ client base is located around Coventry, Leicestershire and the West Midlands, with the remaining clients across the UK.
Newell Powell told the IFA Magazine that the geographical spread of the client base is ideal for their Nuneaton branch, which services clients all across Warwickshire.
This latest acquisition adds £80m in client assets to Newell Palmer’s funds under management, and takes total FUM to over £2.1bn.
Newell Powell intends to make further acquisitions.
Newell Palmer Finance Director Kevin Homfray said: “HIA is an excellent acquisition that will aid the expansion of our Nuneaton branch, and should enable us to grow our employee benefits portfolio.
“Gary Heath and Robbie Eliot have given their clients first class advice over the years and I want to ensure that Newell Palmer bolster this and continue to provide a very high level of service. I wish them both well with their retirement plans and we look forward to working with them both during the transition period.”
Managing Director of HIA International Nick Newbold added: “Increased legislation as well as regulatory changes affecting the Financial Services sector in recent years has made it increasingly difficult for a relatively small firm such as ours to continue to offer the levels of service we feel our clients deserve.
“When we spoke to Kevin, around two years ago, and started our discussions with Newell Palmer we very quickly came to the conclusion that joining forces with NP was the right move for us and our clients, and we are very much looking forward to working with them.”
Managing Direct at Gunner & Co Louise Jeffreys commented: “We met the HIA team through the Gunner & Co. seminars and worked with the business over a couple of years, while the team were structuring the business for sale. When it came to identifying potential buyers it was clear Newell Palmer really fitted with their client proposition and business aspirations.
“If anyone would like to know more about selling their business to Newell Palmer, please contact me at Louise.Jeffreys@gunnerandco.com.”