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Succession targets larger IFAs as it changes buy-out model

The businessman stood on the road sign and watched the telescopeConsolidator Succession Group is changing its model for buying advice firms as it eyes larger acquisitions.

Money Marketing understands the change will see acquisitions fully completed in an initial transaction, with firms no longer having the option to take shares in the group. It is understood other offers will be made.

Succession has acquired 51 businesses since January 2014, most recently adding £255m in funds under management this January through four acquisitions.

Its model has been to integrate “member firms” into its business before it completes the deal and pays the full acquisition price.

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Succession proposition and marketing director Mark Stokes says the group’s acquisition model is flexible and can be changed depending on the firm that is being bought.

He says: “As our acquisition strategy evolves, so too does the way we pay for the businesses we buy. Different sellers seek different choices, so we are very happy to offer flexibility and choice to the best firms in the marketplace.

“It’s no secret our focus now is on acquisitions that complement existing locations and larger meaningful acquisitions in exciting new locations.”

Stokes also says Succession is working with its shareholders to increase its share value and is in discussions with advice firms it is looking to buy.

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