Jersey-based wealth and asset management group Team has acquired financial planning and investment consultancy Concentric Group for £2.5m ($3.3m, €3m).
This deal is made up of an initial £1.7m consideration and a deferred consideration of up to £800,000 in new shares in Team.
The deal is subject to approval by the Jersey Financial Services Commission (JFSC) and it will be funded via a £2.65m (gross) subscription from existing and new investors in the wealth group.
Concentric serves 430 clients between high net worth, retail and institutional investors and has £231m in assets under advice as of 31 December 2021.
At completion, Team expects assets under management and advice to hit approximately £550m, and around £1.4bn in cash under advice.
Matthew Moore, chief financial officer of Team, said: “Concentric is led by an experienced, ambitious team who have built a good business, growing the client base, services and staff, revenues and Ebitda in a challenging market.
“We are delighted they see the transaction as a stepping stone to achieve their own goals, by being part of a larger, wealth management business, with shared values and the ability to offer clients a broader range of investment advice services.”
Team has previously acquired cash management provider JCAP for £2.95m in July 2021, and financial advice firm Omega Financial Services for £4m in December 2021.
