Exeter-based IFA Shipman Group has acquired MHS Monahans Wealth Management from Chartered Accountants MHA Monahans for an undisclosed sum.

Shipmans is part of private-equity-backed adviser group Amber River, formerly known as Socium Group.

The deal completed on 5 January and takes Shipmans to 25 advisers across five locations.

The deal is the third acquisition for Shipmans.

The IFA acquired Exeter and Plymouth-based Cathedral Financial Management in April 2021 and Surrey-based Whichers IFA in May 2021.

Shipmans was acquired by Amber River in January 2021.

Private equity-backed Amber River is headed by Mary-Anne McIntyre, the former CEO of IFA network Openwork.

Under the terms of the latest deal, Monahans will rebrand as Shipman Monahans Wealth Management and will continue to be based at the Bath, Swindon and Trowbridge offices.

All 27 members of staff will remain in place, with Simon Ewings continuing as managing director.

The rebranded firm will continue to work with the team at MHA Monahans Accountants to provide service to each other’s clients.

Peter Ellis, CEO of Shipman Group, said: “This is another significant milestone for our business, made possible as a result of the funding and guidance of Mary-Anne and the team at Amber River. With their backing and support we have been able to attract another highly-respected firm of IFAs to the Shipman Group.

“This brings development opportunities to our combined staff, proposition improvements and wider choice to existing clients and an opportunity for more people in the South West to benefit from market-leading independent financial planning services.”

Amber River now consists of eight IFA businesses across 17 locations nationwide, with 92 independent Financial Planners advising in excess of 16,000 clients. Assets under influence are £5.7bn.