A Perth financial advice business is to be acquired by Leeds-based professional services firm Progeny for an undisclosed sum.
The deal to acquire Carbon Financial, which has offices at Whitefriars Business Park, is expected to be approved by the Financial Conduct Authority within the next few months.
The deal will see £600 million added to Progeny’s assets under management.
Carbon has built-up a 45-strong team across offices in Perth, Aberdeen, Edinburgh and Glasgow since it was founded in 2011.
‘Very secure’ future for Carbon Financial
Managing director Gordon Wilson said the deal had been agreed after a thorough succession planning process.
Senior members of the Carbon management team remain committed to the business for at least the next five years.
Mr Wilson said: “This decision wasn’t entered into lightly.
“We took time to research the market and our options thoroughly.
“Our clients would expect a financial planning firm to look ahead and prepare itself for the future.”
Mr Wilson said Progeny was chosen as it was the closest fit to Carbon’s investment philosophy, culture and values.
He also stressed it is business as usual for the company despite the acquisition.
Mr Wilson added: “Progeny provides a very secure future for our clients and our team.
“The current Carbon leadership remains unchanged. It is very much business as usual. Our clients will see no significant change.
“It was critical for the team that we found the right fit for our clients and we have achieved that.
“Combining with Progeny will help us to take our service and advice offering to new levels.”
Strengthening presence in Scotland
As well as offices throughout the UK, Progeny is also based throughout the Middle East, Far East and Europe, with ambitions to expand into other global territories.
Progeny chief executive Neil Moles said: “We are highly purposeful in our approach to selecting the businesses we bring into Progeny.
“We apply a set of strict criteria, with a laser focus on high quality firms that add a great deal of value.
“Welcoming Carbon Financial Partners to Progeny will enable us to consolidate and strengthen our existing presence in Scotland.
“I look forward to what we can achieve together for our clients.”
