AFH Financial acquires Devon-based fund manager LFS & Partners

3rd Sep 2018 08:08

(Sharecast News) - Wealth management firm AFH Financial has acquired Devon-based business LFS & Partners for a maximum purchase price of £4.2m, adding 28 financial and mortgage advisers and £300.0m of funds under management to its books.AFH will make an initial consideration of £2.2m in cash, funded from its existing cash resources, while further deferred consideration will be payable in cash over the next 26 months, subject to enhanced performance criteria of the business being achieved.The AIM-listed firm believes the acquisition will "significantly expand" the group's presence in the South West.For the twelve months ended 31 August 2017, LFS pulled in a pre-tax of £425,000.Alan Hudson, AFH's chief executive, said: "The transaction complements our successful integration of Davisons in 2016 and three subsequent acquisitions in the region. I am pleased to welcome James and his team to AFH."As of 0900 BST, AFH shares had risen 4.23% to 370p.