The funds will fuel Foster Denovo’s acquisition and growth strategy.

The transaction, which completed in February, has already enabled the firm to undertake four adviser practice buy-outs of private client and corporate practices already operating under Foster Denovo.

Foster Denovo said these initial buy-outs will enable the firm to triple its EBITDA (a measure of profit) in 2022.

The advice firm said there are a number of other acquisitions already in the pipeline.

Roger Brosch, CEO of Foster Denovo, said: “Over the next few years, we intend to utilise this funding, making a series of culturally compatible acquisitions acting as a facilitator for those practices and businesses who put the interests of clients and staff as their key priorities. 

“We believe the flexibility of our approach will allow us to match the needs of the market, secure the highest quality of transactions for all parties and reinforce our reputation as a leading national advice brand.”

Crestline is a private equity firm based in Fort Wroth, Texas. It has approximately $14bn of assets under management.

The detailed financial terms of the transaction have not been disclosed.

Foster Denovo currently has 80 financial advisers and over 200 support staff.