MAB said that the transaction was expected to be “significantly earnings enhancing” in the first-year post-acquisition.
The firm announced its agreement to acquire Fluent Money in March this year and at the time said it plans to fully acquire the business in the next six years.
MAB said that Fluent Money was a “fast-growing mortgage and specialist lending intermediary” that had strong relationships with aggregators and other national lead sources across first charge, second charge and lifetime mortgages and bridging.
The broker firm said that Fluent had not only been successful at winning new mandates from existing and new lead partners but was “well-positioned to capture significant new business opportunities”.
MAB said that it would work closely with Fluent’s management team to drive higher margin retention and protection opportunities.
Peter Brodnicki (pictured), chief executive officer of MAB, said: “We are very excited to partner with a like-minded management team and high growth intermediary that is a leader in centralised telephone mortgage advice.
“This acquisition is a perfect example of our strategy to invest in complementary businesses and platforms to help accelerate growth by broadening our proposition to access more customers. MAB has targeted the fast-growing sector of national lead generation by using technology to link together its key appointed representatives and invested firms seamlessly.”
He said that combined Fluent and MAB would be able to grow this “new market share opportunity quickly and effectively”, and it would complement MAB’s local and regional strategy delivered by the rest of its growing distribution.
