TPO announce acquisition of HEB Wealth

The Private Office (TPO), today announces that it has acquired HEB Wealth, based in Leeds. This strategic move marks the first acquisition for TPO in seven years.

Over the past decade, TPO has scaled the business almost entirely through organic growth, having developed a highly successful model for nurturing talent and expanding the client base. This approach has strengthened the firm’s profitability and therefore capacity for TPO to now supplement its organic growth strategy with carefully selected acquisitions that align with its core values.

HEB is a well-established financial planning firm, led by Managing Director Steve McDermott and Director Elaine Merritt and represents an ideal cultural and strategic fit for TPO. Both firms share a commitment to financial planning and client care, ensuring that this acquisition will help TPO to grow faster without compromising principles. Geographically, HEB’s Leeds location is close to TPO’s head office, further supporting operational integration.

Both McDermott and Merritt will join TPO, bringing valuable experience and ensuring a seamless transition for clients. This offers not only stability and continuity for HEB’s clients but also access to TPO’s investment solutions, platform capabilities and advisers.

The acquisition will add approximately £100 million in assets under management, taking TPO’s total AUM to more than £3.1bn, with an annual turnover of £30m.

While acquisitions like HEB will accelerate growth, TPO remains committed to its core strategy of organic expansion. That said, future acquisitions will be considered where there is a strong cultural alignment and clear benefits for clients.

Stuart Phillips, CEO at The Private Office (TPO) says:

"Our success in building a highly profitable business organically has put us in a strong position to make selective acquisitions that complement our growth strategy. HEB is a perfect fit, culturally aligned, geographically close and committed to the same principles of client care and financial planning excellence. We’re excited to welcome their team and clients to The Private Office."

Steve McDermott, Managing Director at HEB Wealth adds:

“We are delighted with our acquisition by The Private Office (TPO).

We had reached that stage in our business development when we wanted to secure the best long-term future for our valued clients and colleagues. Like many advisory businesses this involves acquisition by a larger organisation. The key for HEB was to team up with an organisation that would provide a real step change enhancement to the service, support and value that we can offer to our clients and colleagues but not lose the personal and tailored service that our clients have come to expect. TPO for HEB represent a “goldilocks” solution – big enough to provide all the improvements but focused on client service with that personal touch.”