Kingswood Holdings PLC (LON:KWG) has made its first acquisition since its rebranding by agreeing to buy Marchant McKechnie Independent Financial Advisers Ltd for £4mln.
The deal is expected to be immediately earnings enhancing.
East-Yorkshire Marchant McKechnie provides pensions, investments, and tax planning services. The business generated underlying earnings (EBITDA) of £855,000 last year.
Following the acquisition, Kingswood will have assets under administration of £2bn, 20 financial advisors and more than 4,000 active clients.
"Marchant McKechnie is a strong addition to the group as we look to build a new national brand in the UK wealth market. Marchant McKechnie shares our commitment to delivering high levels of customer service to clients over the long-term,” Ismail said.
"The UK wealth market is excessively fragmented, and we believe that there is a substantial market opportunity to build a national brand for quality, independent wealth planning advice and investment management.”
Kingswood changed its name from European Wealth in September.