The deal, for an undisclosed sum, will increase Progeny’s total assets under management to close to £7bn.

Chichester-based Lewis Brownlee Financial Services was established in 1990 and has offices in Chichester, Midhurst and Whiteley.

The firm specialises in retirement planning, estate planning, investments and business Financial Planning. It also has a connection to accountancy firm Lewis Brownlee Chartered Accountants and relationships with local solicitor firms.

Steve Burns, managing director of Lewis Brownlee Financial Services, said: "This is an exciting time for both us and our clients. Joining Progeny will allow us to continue to flourish while remaining loyal to our founding principles and the ethics and values we have worked hard to embed in the business.

"Becoming part of a multi-disciplinary professional services firm will also allow us to increase the range of services we offer, bringing a new scale and scope that will present fresh opportunities for our clients and our team members."

Progeny has made numerous acquisitions in recent years, including several this year.

In July the Financial Planning firm acquired Edinburgh-based Chartered Financial Planners Balmoral Asset Management to expand its presence in Scotland. 

Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019, followed in April 2021 with the acquisition of Ayrshire-based Affinity Financial Planning.

In June Progeny agreed to acquire The Fry Group for an undisclosed sum. In May it acquired Hampshire-based Financial Planning firm Coll Perkins and in February it acquired Chartered Financial Planning firm RU Group, adding £3bn in assets under management.

US-based private equity firm Further Global Capital Management acquired a majority stake in the five-year-old Progeny business in October, to accelerate the Financial Planning firm’s expansion.

Both management and Progeny’s existing capital partner, LSG Holdings, remain invested as significant shareholders in the company.