Brighton and Hove-headquartered IFA group Skerritts has acquired Kent-based financial planning firm Equinox Wealth for an undisclosed sum.
The firm’s first deal of 2023 adds £62m ($75m, €70m) to its assets under management.
The acquisition will further extend Skerritts presence in Kent as the group looks to continue to grow across the south coast of England.
Richard Skerritt, chief executive of Skerritts, said: “As part of our strategic plans to increase our presence in the south east, adding a high-quality firm such as Equinox Wealth to the group enables us to increase our presence in Kent and adds Conrad and Jen to our great team of people. We very much look forward to working with them.”
The deal comes nearly two years after private equity firm Sovereign Capital Partners completed a significant investment in Skerritts worth £55m.
The objective of the investment was to develop and expand the business through a strategy of organic and acquisitive growth.
Prior to the PE-backing, Skerritts had made nine acquisitions, but has ramped up its growth plans with Sovereign’s investment.
The Skerritts Group has completed five acquisitions since the Sovereign investment.