Consolidator AFH has secured a deal for another IFA firm, with it announcing the acquisition of Parker Sage Independent Financial Advisers.
Founded in 2005, Parker Sage has an office in Canary Wharf London and has four advisers. The advice firm saw profits of £1.5 million for the 12 months to 31 August 2016 and £1.5 million of recurring revenue.
AFH said the deal will see three of the firm’s advisers, Jon Cliston, Andrew Smith and Tony Goody, join AFH.
The deal is for an initial £1.9 million in cash and £375,000 of ordinary shares in AFH. A further deferred consideration of £3.35 million may be paid over the next two years depending on the performance of the firm.
This means the deal could be worth a total of £5.6 million.
AFH chief executive Alan Hudson said the latest deal marks a continuation of the firm’s acquisitive strategy.
‘The acquisition of Parker Sage is our seventh IFA acquisition this year and will be integrated in line with our established model to enhance shareholder value during the current financial year,’ he said.
‘Parker Sage's directors are very successful advisers who share both our values and vision for the future of the sector.’