A Dorset-based mortgage brokers has been sold to a European wealth management firm.
Davidson Deem has been sold to Lumin Wealth, part of Swiss financial provider VZ Group, as part of the firm's long-term strategy to grow in the UK's mortgage industry. The sale was overseen by KBS Corporate associate director Matthew Sibley.
Led by directors Peter Stokes and Brian Keane, Davidson Deem provides mortgage brokerage services across the UK. The firm has secured mortgages since 1989. Mr Stokes and Mr Keane were ready to explore the M&A market, looking to expand under the impetus of new ownership.
Mr Sibley said: “Peter and Brian have built a great business with strong financials and a large client base.
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“KBS has a dedicated outreach team that can find the right buyers and Davidson Deem was an attractive opportunity to approach prospective acquirers with.”
Utilising offices in London, Cambridge and St Albans, Lumin Wealth manages client assets valued at over £1bn.
Mr Sibley continued: “Lumin has identified Davidson Deem as the ideal platform from which to build its own mortgage network.
“Peter and Brian have seen a great opportunity to grow with Lumin by upselling and cross-selling services across Europe, while offering further solutions to their own client base in the UK.”
Mr Stokes added: “Over the past 12 months, we have carefully ensured this transition is seamless for our clients.
“Not only will they continue to have access to our mortgage services but they can also benefit from Lumin’s complete range of financial solutions, which spans everything from pensions and investments to retirement planning and protection.”
Davidson Deem was supported during the transaction by Leilah Ashurst of Nexus Solicitors.
Mr Sibley added: “I’m very happy with the outcome. I’m glad Peter and Brian have been provided with such a strong future for Davidson Deem — it will be a great acquisition for both parties.”
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