Private equity investment manager Foresight Group has invested £6.7m ($8.34m, €7.69m) in Manchester-based financial planning company Five Wealth.
Five Wealth was founded in 2016 and has over £670m of assets under management and 27 employees.
Foresight’s investment has facilitated the retirement of Five Wealth co-founder Chris Little and provided equity release for other shareholders, as well as additional capital to support the company’s plans for organic and inorganic growth.
Under the leadership of Phil Shaw as managing director, the investment will assist the continuing ambition of Five Wealth to support clients across the UK.
Following the investment, Tim Parsons has joined Five Wealth as non-executive chair. Parsons was founder and managing director of now-Aviva owned Succession Wealth.
Shaw said: “We are delighted to be partnering with Foresight as we move into the next phase of our ambitious growth plans. The Five Wealth team, bolstered by the addition of Tim Parsons and Jonathan Partington, is looking forward to helping an increasing number of individuals and their families to plan their future financial security.”
Matt McLoughlin, director at Foresight, added: “Five Wealth has long-standing client relationships and a fantastic reputation for high quality service, which provide a great foundation for ongoing success. We look forward to working with Phil and the team during the next stage of Five Wealth’s growth story.”
