Consolidator AFH has acquired Suffolk-based Eunisure, its second deal announced this week.
According to a stock exchange note, the maximum consideration payable by AFH for Eunisure is £4.5m.
The company has paid an initial consideration of £1.5m with the remaining £3m to be paid over the next four years in four lots and dependent on Eunisure’s performance.
AFH chief executive Alan Hudson says: “I believe that the acquisition of Eunisure will significantly increase the distribution capacity of AFH whilst at the same time enabling Eunisure to develop rapidly in its core market.”
Hudson says: “Eunisure has a young adviser force and we look forward to developing a number of these advisers through our structured training programmes to mortgage advisory and full financial planning qualifications.”
Eunisure managing director Ralph Mortlock will remain on the firm’s board.
In the 12 months to 31 December 2016, Eunisure, which is focused on the protection market, reported revenues of £5.6m and profit before tax of £241,927.
Hudson says the two acquisitions announced this week will add more than £2m of Ebitda to the business.