Consolidator AFH has made its fourth acquisition of 2017.
The firm has returned to Devon for its latest purchase, acquiring Honiton-based IFA Bay Financial Management, adding around £73m to its funds under management.
Based on Bay’s performance over the next two years, AFH could pay up to £1.4m for the firm, after funding an initial consideration of £595,000 from its existing cash reserves.
Bay advisers Seamus Coleman, Simon Durant and Nigel Hull will join AFH as part of the deal.
AFH acquired another Devon-based firm, Shield Direct, as part of a double acquisition last month. AFH has also looked to London and Scotland with recent deals to buy Taylor Frost Wealth Management and Aberdeen Wealth respectively.
AFH chief executive Alan Hudson says: “This acquisition continues to strengthen our presence in the South West and I look forward to working with Seamus, Simon and Nigel to further develop AFH.
“We continue to have a strong pipeline of future acquisition opportunities.”
Combined, AFH could end up spending less than £3.74m to take on £162m in new funds from the four acquisitions.