Applewood Wealth Management has acquired Shrewsbury-based IFA Simply Ethical for an undisclosed sum.
The firm, which provides ethical investment advice and was part of the Financial Limited network, has £20m in assets under management and a client base of 150. Its owner is retiring.
The deal marks Applewood's second acquisition, following the purchase of North Wales-based Ravencourt last year.
Karl Hartey, Applewood managing director, says the deal goes some way to achieving his target of amassing £100m in additional assets over a 12-month acquisition spree.
"This deal, together with the purchase of Ravencourt, means we have acquired £60m in assets in four months," he says.
Hartey adds the process of transferring Simply Ethical's agencies from the Financial Limited network was straightforward.
"Financial Limited has been a joy to work with," he says.
Last month, Applewood sent letters to 340 firms within a 60-mile radius to gauge the appetite for acquisitions and from those responses Hartey has drawn up a short-list of eight firms.
"We are now going through the due diligence process to see which of those firms suit what we are looking for," he says. "I expect we will buy two out of the eight on the short-list."
But he adds 'acquisition for the sake of acquisition' is a flawed strategy.
"We are not going to buy firms purely for the sake of it - they have to be a good fit."
As its client base expands, Applewood is looking to grow its numbers and is currently looking to recruit another adviser and paraplanner. It recently hired a paraplanner, reviewer and compliance officer.
Meanwhile, Hartey says Applewood has reported a good first quarter thus far, with trading levels up 20-25% on last year.
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