Foster Denovo Group, the parent company of financial advisory business Foster Denovo Limited, has acquired more than £800m of assets under advice.

This follows the completion of seven internal practice acquisitions, the group confirmed.

In February 2022, Foster Denovo announced it had secured up to £100m of funding from Crestline Investors, to drive its acquisition and growth strategy. The deal saw Crestline take a minority stake in Foster Denovo with the founding leadership team retaining control of the business.

The past 12 months have now seen Foster Denovo complete seven internal acquisitions from 17 advisers, through practice buy-outs (PBOs) across both its private client and corporate businesses.

Together, these deals have added £5m in annual earnings before interest, taxes, depreciation, and amortisation (EBITDA) to the business, while taking the number of Foster Denovo’s employed advisers over 70.

Alongside further PBOs, the group suggested that Crestline’s investment will be used to drive external acquisitions across the UK over the next five years, with a number already in the pipeline for 2023.

“Key to our objectives for securing external funding was to find a partner who was culturally aligned, shared our values for putting clients first and delivering outstanding service, and which saw us retain control of how we continue to build the business,” commented Foster Denovo CEO, Roger Brosch.

Director of corporate development, Henna Fry, added: “Alongside external acquisitions, we see PBOs both as a great option to offer to practice owners as a way to future-proof their business, and to continue to grow Foster Denovo through the addition of like-minded and culturally compatible people who are looking for a PBO underpin further down the line.

“Our role is to facilitate a smooth transition for those wanting to access a centralised, market leading proposition, giving advisers the tools and resources needed to best serve their clients and to enhance their practice value.”

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