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 mentioned the deal boosts its presence within the south east of England because the group seems to speed up its growth nationally.
Patrick McIntosh, director of Horley-based KMG, mentioned: “With virtually 50 years within the trade, 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 staff to make sure our present purchasers and their households are taken care of for a lot of extra years to return.”
He mentioned he has spent a while taking a look at potential corporations that would complement the agency.
He mentioned: “Having then weighed totally the varied choices, I’m more than happy we’ve agreed to change into a part of the Skerritts Group as I imagine that they share the excessive requirements that I all the time intention to set.”
Skerritts is a Chartered Monetary Adviser and wealth supervisor primarily based in Hove.
In March 2021, personal fairness agency Sovereign Capital Companions, invested £55m in Skerritts to develop the enterprise by means of natural and acquisitive development. The technique has seen new workplaces 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.
It’s also the third deal since CEO Paul Feeney, previously CEO of Quilter, arrived on the agency as CEO.
Mr Feeney mentioned: “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 workplaces in Kent, Hampshire and London and about £560m of AUM.
Skerritts has about 50 workers serving 35,000 purchasers. It mentioned buy-side help for the acquisition was offered by Dyer Baade, Crowe UK LLP, TCC, Alvarez & Marsal, EMC Company Finance and Pinsent Masons.
