Rupert Curtis, the chief executive of Curtis Banks, says Suffolk Life was the perfect match for his firm after the £45m deal to acquire it from Legal & General was revealed.

Speaking to Sipps Professional, Mr Curtis said his company was first approached about the acquisition in early 2015. The takeover was announced on Monday.

Mr Curtis told Sipps Professional: “If you had asked us a year ago which Sipp company we would ideally like to acquire, Suffolk Life would have been top of the list.”

He revealed that the Suffolk Life branding is being retained and said decisions will be made in the future on any changes.

He said: “Our business plan involves the acquisition of larger high quality Sipp books and Suffolk Life met our criteria – it was a significant size, it had a strong brand and image, and it specialised in full Sipps, in many ways it was similar to ourselves.

“This is a significant deal for us as it effectively doubles us in size as an organisation. It is also significant for the market, we believe that it is the largest acquisition to date by a dedicated Sipp provider.”

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He said: “This move will enhance our profitability and allow us to benefit from synergies between the two companies – we believe the combined entity will be greater than the sum of the parts. It will allow us to move forward through increased organic growth, enhanced processes and greater financial strength.

“This acquisition fits perfectly into our plans to develop and expand as a business. Suffolk Life’s identity is very closely aligned with our own in terms of culture and the proposition they deliver.”

There are no current plans to change existing offices, Curtis Banks said this week, but over time the two systems will be standardised.

Suffolk Life administers around 26,500 plans, including 3,600 commercial properties.

Legal & General said it was disposing of non-core businesses and focusing on core activities where it believes it can achieve significant scale and attractive returns on capital.

It said the acquisition was subject to an underwritten placing by Curtis Banks Group plc, and regulatory approval, and both of these were expected in the first half of 2016.