International wealth manager Kingswood Group has agreed to buy the business assets of Kent-based IFA firm Smythe and Walter.
Smythe and Walter chief executive Lee Smythe leads a team of three who look after approximately 100 client households with around £40m ($54m, €48m) in assets under management.
For the year ended 31 March 2021, Smythe and Walter reported revenues of £293,000, profit before tax of £100,000 and had net assets of £9,700.
Following completion of the deal, £420,000 will be paid immediately and up to £420,000 will be payable on a deferred basis over the following two years, subject to the achievement of pre-agreed performance targets.
David Lawrence, UK chief executive at Kingswood, said: “Smythe and Walter are a growing firm and this acquisition enhances our existing footprint in the South East. I am delighted to welcome Lee Smythe and his team to Kingswood.
“This is our third acquisition of 2021 and we continue to have a strong pipeline of high-quality UK opportunities under negotiation, five of which are in the exclusive due diligence stage.”
This deal comes days after Kingswood agreed to acquire UK-based advice company Money Matters North East (MMNE) for £3.4m.