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Succession acquires advice firm in £3m deal

Consolidator Succession has acquired Hart Financial in a deal worth £3.12m.

The acquisition of Hart is the firm’s tenth purchase and adds £75m in assets under advice.

Succession operates an acquisition strategy that sees advice firms join as appointed representatives with a view to  full acquisition after they have adopted Succession’s systems and processes.

Its acquisitions include both a cash sum and an equity stake in Succession. It hopes to make 50 acquisitions by the end of 2017 with a view to reaching a capital event in 2018. 

Hart Financial managing director Keith Hartland says: “We committed to implementing Successions’s transition programme within three months to ensure we were operating at our optimal level and to prepare for a seamless transfer to Succession Group at the point of alignment.

“This is the start of a very exciting and rewarding phase in our careers and we are looking forward to the future as part of Succession Group.”

Succession chief executive Simon Chamberlain says: “We remain on target to rapidly acquire those businesses that have completed our comprehensive transition programme and use that scale in the marketplace to enhance the client experience.”

Succession received backing from private equity firm Inflexion in January when it took a 50.1 per cent stake in the firm.

Senior management, advisers and original backers Spearpoint own the remaining shares in the company.

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