Fairstone Group, incorporating the largest Chartered Financial Planning firm in the UK, announces that it has fully-acquired Lancashire-based McParland and Partners, in a deal which completes the purchase of the company under Fairstone’s downstream buyout (DBO) model.
The DBO model sees Fairstone take an initial minority stake in an IFA business and integrate the firm over a number of years before completing a final acquisition of the whole.
Based in Nelson, Lancashire and operating satellite offices in Manchester and Sheffield, Fairstone first partnered with McParland & Partners in July 2014. The company offers high quality independent financial advice to SMEs and private clients as well as providing specialist services such as independent trustee services.
The acquisition brings total revenue of £1.8m to the Fairstone Group and funds under management of approximately £160million. The eight advisers and 15 support staff at McParland and Partners have joined the Fairstone Group and ensured a smooth transition for their 2000 clients throughout the DBO process.
Lee Hartley, CEO of Fairstone Group, said:
“Sean’s vision has always been to provide the highest high quality independent financial planning and investment services. McParland and Partners boast a senior team of Chartered financial planners, supported by highly experienced staff, which creates an ideal fit for a Chartered group such as Fairstone. Their consistent, client-centric approach is vital as we move into a period of political and economic uncertainty and we very much look forward to our continuing work with the team.”
Sean McParland, principal at McParland and Partners added:
“The acquisition by Fairstone means that our clients can look forward to a continuation of the high quality of advice and service they have enjoyed. The strength of Fairstone’s technology input will provide significant opportunities to continue to grow the business well into the future and to leverage a national brand of Chartered Financial Advisers.”