UK-based wealth manager Solomon Capital Holdings has inked a partnership deal with Beaufort Financial Westerham.
Under the terms of the agreement, the private equity-backed wealth firm will take a minority stake in the advice business.
Solomon was set up by ex-Quilter Financial Planning chief executive Andy Thompson and former chief financial officer Darren Sharkey in 2021, and it plans more minority investments in 2023.
This is the fourth deal for the wealth manager in eight months, following the acquisitions of Beaufort Group and You Asset Management in June 2022, FA92 in August 2022, and Gale and Phillipson in September 2022.
Simon Goldthorpe, vice chairman of Solomon, said: “The investment in Beaufort Financial Westerham is another major milestone for Solomon and a significant step forward in terms of our regional presence and proposition.
“Taking a minority stake has facilitated the buy-out of some existing partners whilst giving the remaining management the ability to focus on the future structure, direction and success of the business.
“It is a structure we know there is demand for among certain parts of the adviser community and one we will be looking to roll out in 2023.”
Brian Davies, managing partner of Beaufort Financial Westerham, added: “We have ambitious plans to grow our business and Solomon has proved to be the perfect partner to help us achieve our goals.”