AFH Financial Group PLC completed the acquisition of Wirral, U.K.-based independent financial advisory firm Broadleaf Financial Services Ltd., adding more than £140 million of funds under management to the group.
The maximum consideration for the acquisition is £3.2 million, subject to the performance criteria of Broadleaf Financial Services during the two-year earn-out period. AFH Financial Group said it paid an initial consideration of £1.7 million that was funded from its existing financial reserves. The remaining balance will be paid in cash over a 26-month period.
Following the deal, Broadleaf Financial Services' principal adviser, director and co-founder, John Shaw, and his fellow directors retired from the firm.
