Bellpenny is set to acquire EFG Independent, a European-owned IFA firm with three UK offices, in the first deal for the consolidator in over a year.
New Model Adviser® understands Bellpenny has been in talks to buy EFG Independent Financial Advisers (EFG IFA) which has two offices in the Midlands and one in London.
EFG IFA is owned by a UK company EFG Private Bank Ltd which is a subsidiary of a Luxembourg company EFG Investment (Luxembourg) S.A. which is in turn a subsidiary of a Swiss-listed company EFG International AG.
The ultimate parent company of the advice firm is a holding company incorporated in Bermuda called Private Financial Holdings Limited. According to EFG IFA accounts, this company is controlled by Greek billionaires and oil and shipping tycoons the Latsis family.
Bellpenny, chief executive Nigel Stockton (pictured), told New Model Adviser® in September he was planning to make fewer bigger acquisitions after the consolidator purchased 32 firms between 2011 and 2015. When the sale of EFG IFA goes through it will be Bellpenny's first acquisition in over a year.
Stockton (pictured) took over from previous Bellpenny chief executive and company founder Kevin Ronaldson in September last year.
Three months ago the chief executive said Bellpenny would make 'high quality sizeable acquisitions' over the next six months but the firm was not available for comment on the acquisition of EFG IFA.
EFG IFA made a pre-tax profit of £729,000 in 2015 and £5 million of revenue. According to the FCA register it has 11 financial advisers across its London, Birmingham and Wolverhampton offices.
EFG International declined to comment.