Wealth and asset management company Team has acquired Jersey-based financial advice firm Omega Financial Services.
Omega specialises in retirement planning, mortgage advice, life assurance and investment advice. It has 500 clients and £77m ($103m, €91m) in assets under advice, as of 30 September 2021.
The transaction will see Team pay a cash consideration of £2m at completion, and an additional deferred consideration of up to £2m, subject to performance targets being met.
The latter will be made up of two equal payments of £785,000 in cash and £215,000 in ordinary Team shares.
Matthew Moore, chief operating and financial officer at Team, said: “Omega has a first-class reputation amongst its clients, is a natural partner with Team Asset Management for investment management services, and is therefore an ideal entry point into the advice space in Jersey for Team plc.
“We believe it is a good transaction for Team plc shareholders, staff and clients, and we are very much looking forward to working side by side with the Omega team and seeing the future benefits of our joint efforts.”
The Omega M&A deal follows Team’s acquisition of cash management provider JCAP in July 2021 for £2.95m.
