Acquisitive South Coast-based wealth supervisor and monetary adviser Skerritts has acquired £400m AUM Surrey Monetary Planning agency KMG Unbiased Restricted – and its sister agency KMG Funding Administration Restricted – for an undisclosed sum.
Skerritts stated the deal boosts its presence within the south east of England because the group appears to be like to speed up its enlargement nationally.
Patrick McIntosh, director of Horley-based KMG, stated: “With virtually 50 years within the business, I’ve run KMG because the late Eighties. With this in thoughts I’ve been waiting for safe the way forward for the corporate and group to make sure our present shoppers and their households are sorted for a lot of extra years to return.”
He stated he has spent a while potential corporations that might complement the agency.
He stated: “Having then weighed completely the varied choices, I’m more than happy we’ve got agreed to turn into a part of the Skerritts Group as I consider that they share the excessive requirements that I at all times goal to set.”
Skerritts is a Chartered Monetary Adviser and wealth supervisor based mostly in Hove.
In March 2021, non-public fairness agency Sovereign Capital Companions, invested £55m in Skerritts to develop the enterprise by natural and acquisitive progress. The technique has seen new places of work added in Kent, Hampshire and London.
The KMG Unbiased takeover will increase the variety of offers that the Skerritts Group has accomplished because the Sovereign funding as much as 9.
Additionally it is the third deal since CEO Paul Feeney, previously CEO of Quilter, arrived on the agency as CEO.
Mr Feeney stated: “This takes us one step nearer to attaining our mission of turning into Britain’s premier Chartered Monetary Planner.”
In September 2023 Skerritts Group acquired Kent-based Chartered Monetary Planning agency Ambrose Fisher, including £62m in AUM to the group.
In January 2023, one other acquisition was introduced with the acquisition of Kent-based Monetary Planning Agency, Equinox Wealth Restricted, which introduced one other £62 million of AUM.
In 2022, Skerritts accomplished 4 acquisitions, including places of work in Kent, Hampshire and London and about £560m of AUM.
Skerritts has about 50 employees serving 35,000 shoppers. It stated buy-side help for the acquisition was offered by Dyer Baade, Crowe UK LLP, TCC, Alvarez & Marsal, EMC Company Finance and Pinsent Masons.