Manchester-headquartered Frenkel Topping Group has captured the interest of investment firm Harwood Capital.
The group has several subsidiaries; including IFA specialist Frenkel Topping, Ascensia Investment Management and Obiter Wealth Management.
The AIM-listed firm said in a statement it has “received a preliminary approach from Harwood Capital”, which could lead to an offer being made “for the entire issued and to be issued share capital of Frenkel Topping”.
“At this stage, there can be no certainty that any offer will be made nor as to the terms of any such offer. Further announcements will be made as and when appropriate,” it added.
International Adviser approached Harwood Capital for a comment, but the firm declined.
Timeline
Harwood has until 5pm (GMT) on 25 February 2020 to make a formal offer for Frenkel Topping.
The deadline, however, can be extended by the board of Frenkel Topping.
London-based Harwood Capital is an independently-owned investment firm and part of the Harwood Capital Management Group.
As well as its Manchester office, Frenkel Topping has operations in Birmingham, Cardiff, London and Leeds.
Recent moves
This is not the first time that a private equity firm has been interested in owning a financial advice business.
In December 2019, Washington DC-headquartered Carlyle Group agreed to acquire UK-based firm Harwood Wealth Management.
A spokesperson confirmed Harwood Capital is a shareholder in Harwood Wealth Management but there is no connection to the companies.
