UK financial services group Truinvest has acquired NLP Financial Management and Birchwood Investment Management as part of its five-year growth strategy targeting annual revenues of £50m ($69.1m, €58m).
The financial terms of the deals were not disclosed.
Both firms will operate under their own brand name while being integrated from both an operational perspective and the investment proposition to clients.
The combined businesses provide financial planning and investment management services from two offices in London and Hertfordshire.
The addition of NLP Financial Management and Birchwood Investment Management to previous acquisitions, Group Rapport and Bromwich Financial Planning, means the company is already handling assets under advice and management of almost £1.1bn.
Further deals
Truinvest was set up in 2019 by co-founders Mark Smith and Micky Johal, former colleagues at wealth management firm Mattioli Woods. Smith was chief operating officer at the firm, while Johal was M&A and integration director.
The firm identifies itself as a “market disrupter” and looks to “reinvent how traditional financial planning is delivered in the UK”. It has the financial backing of family office group Stonewood Wealth Management.
Mark Smith, chief executive of Truinvest, said: “We are absolutely delighted to have added two more highly reputable and well-regarded companies to the group.
“We see it as another hugely significant development and a further statement of Truinvest’s intent.”
He also revealed that “detailed discussions” are already underway over further transactions and that announcements would follow as these came to completion during 2021 and beyond.
Micky Johal, chief strategy officer of Truinvest, added: “Having the support of Stonewood Wealth Management means we have investors, a family office who understands our industry and are able to share our vision of making our clients’ lives better.”
