Thistle Initiatives provides Skerritts with assistance to acquire Mercier Allen Associates
Skerritts, a private equity-backed financial advice business, hired the Investments team at Thistle Initiatives to help with the due diligence undertaken on Horsham-based Mercier Allen & Associates.
The assistance on this occasion was in respect of investment advice, suitability reviews, and general guidance.
The transaction, according to Hove-based Skerritts, will increase the amount of assets under management by £73 million and expand its presence in the region as the business group continues with its accelerated growth plan.
In March 2021, the group secured £55m in funding from Sovereign Capital Partners, with a view to significantly expand the group through organic and acquisitive growth.
Skerritts completed four acquisitions in 2022, adding new offices in Kent, Hampshire, and London and a total of £560m in assets. Thistle Initiatives is delighted to have assisted in respect of two of these acquisitions in 2022, as well as the addition of Kent-based Equinox Wealth which Skerritt acquired in January this year.
Of the latest acquisition, chief executive Richard Skerritt said: "As part of our strategic plans to increase our presence in the Southeast, adding a high-quality firm such as Mercier Allen to the group enables us to increase our presence in Sussex and adds Neil and his staff to our great team of people."