International wealth manager Kingswood has bought Essex-based Joseph R Lamb Independent Financial Advisers.
Established in 1970, Joseph Lamb provides financial advice to over 1,930 active clients and currently employs seven advisers, with 18 support staff covering customers primarily in Essex with approximately £393m ($531m, €465m) assets under advice.
Following regulatory approval, the business will be acquired for total cash consideration of up to £15.3m, payable over a two-year period.
Some £7.65m will be paid at closing and the balance paid on a deferred basis, some of which is subject to the achievement of pre-agreed performance targets.
David Lawrence, UK chief executive at Kingswood, said: “I’m thrilled to announce the acquisition of Joseph Lamb. Martin and his team at Joseph Lamb operate a long established and highly regarded business that has had a true client focus over 50 years.
“This acquisition creates a hub in Essex for Kingswood from which to grow and increases our footprint in the south which is strategically important to us. This is our third acquisition of 2022 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, four of which are in exclusive due diligence as we continue to grow our financial planning and investment management reach across the UK.”