Fairstone has expanded its presence in Northern Ireland with the acquisition of Chartered whole-of-market firm Fairstone NI, its eighth of 2021.
Fairstone NI, based in Lisburn, Northern Ireland, specialises in advice and management of investment and retirement portfolios. The deal brings almost 2,000 clients into the group, as well as 12 advisers and six support staff and secures funds under management in excess of £150m.
The deal, which is part of the consolidator's downstream buyout programme, has taken longer than its typical two-year integration period having been in process since 2015.
The longer than typical integration phase was in place to allow the firm to significantly grow its business by leveraging group support on multiple levels. Since then, the firm's revenues have tripled while client numbers have doubled through partnering with Fairstone.
Fairstone chief executive Lee Hartley said: "We are delighted to complete the final acquisition of Fairstone NI, which is a first-rate business with proven leaders in Sean and Peter. We have worked closely with the dynamic team throughout the integration phase to provide the support and framework to grow the business and they have really become a big part of the Fairstone family.
"Our experience shows that culturally aligned forward thinking firms are the most profitable and successful in the long-term. Peter, Sean and the team place clients at their core and their commitment to first-class service makes them an excellent fit for us.
"We are looking forward to continuing to work with the team to support them to significantly grow the business, without compromising on client service or independence."
Fairstone NI principals Sean Larkin and Peter Savage said the buyout would provide continuity and long-term assurance for clients and staff, while leveraging the benefits of being part of a larger company.
Larkin said: "We partnered with Fairstone as they shared the same client ethos and culture as ourselves. This enabled us to continue to provide independent financial advice and a first-class service to our clients whilst having the support of a large organisation.
"Our partnership together has been a huge success with our business growing considerably. We are now very proud to have been fully acquired by Fairstone and are confident that this will further strengthen our client proposition as well as providing opportunities for our staff to grow and develop further within the business."
Savage added: "We were looking for a partner that would provide a platform for us to grow our business and deliver the best outcomes for our clients. We found that company in Fairstone.
"They have the same beliefs and attitude to us about putting clients first. We were able to leverage their technology and presence to build our company during the integration. It was the best decision for our clients, our business and one I will never regret."