UK financial planning group Fairstone has bought Dublin-based Pax Financial for an undisclosed sum.
Pax offers financial planning services to over 7,700 clients and has 66 staff and advisers. It also provides a jargon-free advice service via social media, called ‘AskPaul’.
Through the deal, Fairstone adds €200m (£173m, $201m) in funds under management.
Pax chief executive Paul Merriman will become Fairstone’s chief executive for Ireland after the acquisition.
This is Fairstone’s fifth acquisition of 2022, and 52nd M&A deal of all time. It recently acquired Cumbria-based Financial Concepts and Sidmouth-based East Devon Associates, both for undisclosed sums.
‘Confidence’ in the market
Lee Hartley, chief executive of Fairstone, said: “We are delighted to welcome Pax into the Fairstone family. We have been looking to expand into the Irish market and in Pax, we have found the perfect partners to deliver this growth.
“The combination of Fairstone’s extensive experience in the UK sector with Pax’s management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities.
Merriman added: “The decision by Fairstone to acquire Pax is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer.”