Foster Denovo starts the year with first completed acquisition
News
The Foster Denovo Group has completed its acquisition of Punter Southall Aspire’s employee benefits business.
It marks the third transaction that the business has completed in the past two months.
In February 2022, Foster Denovo secured £100m funding from minority stakeholder, Crestline Investors. Since then, it has completed 10 internal practice buy outs (PBOs) for 18 advisers and three substantial acquisitions.
Foster Denovo believes its commitment to putting cultural and propositional fit before commercials creates highly successful integrations, and by offering a flexible approach to business owners and employees, it can secure deals that work for all stakeholders.
The business completed the acquisition of Punter Southall Aspire’s employee benefits business on the 31st of January. Aspire is being brought together with Foster Denovo’s multi-award-winning employee benefits division, Secondsight, doubling the size of the team and deepening Secondsight’s national coverage to include Edinburgh, Yorkshire and the South West, and adding to its existing coverage in London, Surrey and the rest of the South East.
This follows the completion of two transactions in December last year:
Chartered Financial Planning firm Wade Financial. Wade comprises 6 advisers and 10 support staff and it looks after £220m of assets under advice on behalf of 780 family units across the North East. The acquisition increases Foster Denovo’s footprint in the area and creates a regional hub to facilitate further expansion in the North East, as part of an ambitious, UK wide growth plan.
Hampshire firm Creative Financial Solutions. The adviser team at Creative Financial Solutions, set up by Duncan Sherlock in 2000 and joined in 2006 by Simon John, collectively boasts over 70 years’ experience in financial services and advises on £110m of assets on behalf of 245 family units across London and the home counties. The transaction reinforces Foster Denovo’s substantial presence in the South East region.
Roger Brosch, CEO of Foster Denovo, commented: “The completion of our acquisition of Punter Southall Aspire’s employee benefits business is a fantastic way to start 2024. We are delighted to be working alongside our new colleagues and welcoming new clients into Secondsight. This transaction, on top of acquiring Wade Financial and Creative Financial Solutions, enriches our business and the combined wealth of experience, expertise, and passion in our Group really sets us apart.”