National advice firm Foster Denovo has acquired employee benefits consultancy TEBC.
The deal brings over 100 corporate client relationships, and Foster Denovo will look to build TEBC’s staff into its own employee benefits division, Secondsight.
Foster Denovo says the deal is the first in an acquisition strategy it will be pursuing.
Chief executive Roger Brosch says: “Whilst we have met with many potential acquisition opportunities, TEBC stood out for its similar culture to Foster Denovo and its client centric approach to conducting business. The acquisition of TEBC is part of our continued intent to bring in high quality clients, advisers and support staff to Foster Denovo over the next few years.”
The firms is rebuilding after losing its co-founder and a number of high-profile partners in 2014.
The firm bought in a new chairman to replace Keith Carby earlier this year, former Investec head of investment banking and securities David Currie.
TEBC managing director Sue Lewis said the firm would benefit from adding Foster Denovo’s financial education and wellness services to its remit.