The Penny Group has completed its acquisition of Surrey-based Bright Blue Wealth for an undisclosed sum.
This acquisition is The Penny Group’s eighth as it continues to execute its buy and build strategy within The Openwork Partnership.
Bright Blue Wealth, which is headed up by Andy Wilmot, has been providing advice to high net worth clients across London and the southeast for over 25 years.
Wilmot and the Bright Blue Wealth team of advisers and support staff will continue to trade under their current brand from their existing Chertsey offices to ensure there is minimal disruption to the current operation. Wilmot plans to remain active in the business for at least the next three years.
The deal puts TPG’s assets under management (AuM) over £750m and the firm expects AuM to exceed £1bn ($1.21bn, €1.14bn) in the next 12 months.
Graeme Morrissey, partner at the Penny Group, said: “We are delighted that Andy has chosen to partner with us and is entrusting the Penny Group with the long-term future of Bright Blue Wealth. This acquisition is a perfect example of how well organised succession planning should be conducted by business owners who are considering their ultimate retirement at a future date.
“We have a proven track record of successfully integrating similar Openwork practices into the Penny Group and we have no doubt that the change will be a success for Andy, his team, and the clients they have been working with for many years.”
This comes months after London-headquartered The Penny Group’s last deal when it completed the purchase of Surrey-based advice firm Ridgewood Finance for an undisclosed sum.