Advice firm Ascot Lloyd is to be sold to private equity investor Nordic Capital, subject to regulatory approval.
It is currently owned by funds managed by US investment firm Oaktree Capital Management, the company behind the acquisition of Sanlam UK, alongside interests of Ares Management Corporation.
Financial details were not disclosed.
Oaktree first invested in Ascot Lloyd in 2013 before acquiring it in 2017. The IFA business provides financial planning, wealth management and corporate benefit solutions to more than 20,000 core clients. With over 500 staff across 17 UK locations, Ascot Lloyd is approaching £10bn ($13bn, €12bn) in funds under influence.
Nordic Capital said it will partner with its management team to support the company’s client offering including through further developing its digital proposition, accelerating organic and inorganic growth and further increasing its focus on sustainable savings.
Deliver organic and inorganic growth
Christian Frick, partner and head of financial services at Nordic Capital Advisors, said: “Nordic Capital has a strong track record within the financial services sector and, together with the company and its high-quality team, will further develop Ascot Lloyd’s client offering and investment management proposition.
“[Ascot Lloyd chief executive Nigel Stockton] and his team have built an outstanding business with a multi-year track-record of delivering high quality growth and Ascot Lloyd’s strong brand, client centric culture and proven ability to deliver organic and inorganic growth makes it enviably positioned. Nordic Capital looks forward to working in partnership with the business to build on its success and continue the exciting trajectory it is on.”
Federico Alvarez-Demalde, managing director of Oaktree Capital Management, added: “Ascot Lloyd has grown to become one of the UK’s leading independently owned IFA firms. Since appointed to lead the investment by the end of 2016, the company has tripled AUM and more than quadrupled revenues, with over 80 acquisitions executed to date. In Nordic Capital we are pleased to have found the right partner and investor for the next stage of Ascot Lloyd’s growth. We wish Nigel and the whole team the very best as they continue to develop this fantastic company.”
Stockton said: “Our acquisition by Nordic Capital is testament to the strength of Ascot Lloyd today and the significant opportunities we have ahead of us. Fundamentally, this is underpinned by the quality of our people and their commitment to offering the best possible service and advice to our clients.
“We found a great partner in Oaktree, and more recently Ares, who helped us build a great business. We are now thrilled about the opportunity to work with Nordic Capital, whose partnership approach will continue to see our people and our culture at the heart of our success. Their investment, supported by deep expertise in financial services, will give us substantial new firepower to accelerate our growth, enabling us to increase the ambition of our acquisition strategy and further invest in people and technology to support our organic growth. I look forward to working with Nordic Capital.”
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