Birmingham-based IFA consolidator Elevation Financial Group (EFG) has completed a debt raise to fund an “extensive acquisition programme”.
The total sum of the debt raise was not disclosed.
Tony Smith, group managing director at EFG, said: “This is a hugely exciting moment for EFG. The debt raise will allow us to acquire up to four businesses in 2021 and roughly double our size within a short period of time.”
Portfolio Adviser sister title International Adviser contacted EFG to ask for additional details but did not receive a comment in time for publication.
Two deals close
The fundraising process was led by Daniel Baade, chief executive of M&A consultancy firm Dyer Baade & Company.
Baade told International Adviser that EFG intends to grow its business through acquisitions and that for an IFA firm to raise capital via debt is “innovative” because, usually, such deals are paid for through cash and/or private equity.
According to Baade, two deals will be announced in the next few days.
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