Killarney-based financial planning and wealth management firm Gallivan Financial has agreed a deal to buy Dublin-based Mount Street Group and Tralee-based Kelly O’Shea Pensions & Financial Services for an undisclosed sum.
These acquisitions will increase Gallivan Financial’s total assets under management (AUM) to more than €650m.
The company said that with several additional deals currently in talks, it is now on track to surpass €1 billion in AUM by the end of this year.
The transactions, which are subject to the customary regulatory approvals, are expected to complete within the coming weeks and when they are complete, Gallivan Financial will have offices in Killarney, Limerick and Dublin.
Gallivan Financial said the deal to buy Mount Street Group brings its wealth management business into the Dublin market for the first time and marks its third major transaction in the past two years. Mount Street Group currently manages in excess of €150m in assets and was established in 2006.
The acquisition of Kelly O’Shea Pensions & Financial Services – its fourth deal – strengthens Gallivan Financial’s position in Kerry and further enhances its plans for significant growth in the Irish market. The business has €40m in assets under management.
Gallivan Financial is majority-owned by the Gallivan family, who previously sold Gallivan Murphy Insurance Brokers (GMIB) to US-based Assured Partners in 2022. Gallivan Financial was not part of that transaction and has now embarked on its current growth trajectory.
Fergal Smith, Gallivan Financial’s Managing Director, said the shared values and commitment to client-focused advice of Gallivan Financial, Mount Street and Kelly O’Shea were strongly aligned.
“Our integration plan is centred around continuity – clients will continue working with the same trusted advisors, while benefiting from the broader resources, technology, and expertise of our combined teams,” Mr Smith said.
“These partnerships strengthen Gallivan Financial’s national footprint while also preserving the personalised service that all three firms are known for with their clients,” he added.
Gallivan Financial has made four acquisitions since May 2023 and has other deals in the pipeline.
“We see very significant opportunities for consolidation within the sector in the short to medium term. We are continuing to look for further expansion opportunities, as we seek to expand Gallivan Financial into a very significant player in the growing Irish wealth management sector,” Mr Smith said.
“We are currently in exclusive negotiations with a number of parties and are hopeful of closing further deals before the year-end,” he added.
Mount Street Founder Marie Ainsworth said the business had reached the point where a decision had to be made on how to develop the business further, without it impacting on its service levels.
“Our options came down to either expanding the business, which would require an investment of capital or, to look to partner with a suitable firm which can provide the resources required. After careful consideration, I decided to initiate a process to merge the business with a partner that shared our values and vision when it comes to how we treat our customers, and our standards of service,” Ms Ainsworth said.
“There was a clear alignment from the outset in my discussions with Gallivan Financial, as they also have a shared ambition to provide consistent, client-focused advice, with everything geared around long-term relationships with our clients,” she added.
Kelly O’Shea founder Aidan Kelly said that after nearly two decades building a business grounded in trust and personal service, finding the right partner for the next chapter was incredibly important.
“From the outset, it was clear that Gallivan Financial shared our values and long-term commitment to clients. This partnership ensures continuity for our clients and team, while unlocking new opportunities for future growth. I’m looking forward to staying on as part of the team to ensure a smooth transition and continued support for our clients in the years ahead,” he added.
