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IFA consolidator buys Essex-based advice firm

It is the acquirer’s 11th deal in the market


Birmingham-based IFA consolidator Elevation Financial Group (EFG) has acquired Innovate Financial Solutions for an undisclosed sum.

The deal will bolster Elevation’s presence in the south east, maintaining the Braintree, Essex office of Innovate, alongside their London office.

The acquisition of Innovate Financial Solutions is EFG’s 11th deal in the market.

As part of the agreement, Gary Lewis, director of Innovate Financial Solutions, will continue to work as a consultant in the south east, while director Tony Tillett will retire.

The deal was brokered by M&A consultancy firm Gunner & Co.

‘Ambitious business’

Tony Smith, group managing director at EFG, said: “We’re an ambitious business, and it was a pleasure to use Gunner & Co to help us actively grow through acquisitions.

“Innovate Financial Solutions was a good match for us in terms of geography, clients and service offering, and we’re grateful to the team at Gunner & Co. for their management of the deal.”

Louise Jeffreys, managing director at Gunner & Co, added: “We’re delighted to assist both parties in structuring and completing this deal, despite the unusual working practices coronavirus dealt us.

“Both parties have been clients of Gunner & Co for a number of years, so spotting the match came easy. The structure of the deal was tweaked to reduce risk to both parties, whilst delivering sufficient opportunity for all, especially Innovate clients.”

The acquisition comes almost a year after the firm made a triple swoop for Oakham-based J P Leefe and Company, Warwick-based Pendra Wealth Management and Cedar Wealth Planning in Derby.

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