Financial services private equity investor AnaCap Financial Partners has obtained a £55m ($75.3m, €64.2m) finance package to support its growth and consolidation strategy in the UK wealth management platform industry.
HIG WhiteHorse, a credit affiliate of global investment firm HIG Capital, has provided the funds and will support AnaCap Financial Partners in its strategy.
AnaCap will “continue to deploy its expertise in tech-enabled businesses and operational engagement to bolster the business’ organic expansion and identify attractive bolt-on acquisition opportunities”.
The firm has made three acquisitions in the UK wealth management platform space including Novia Financial in December 2020, Amber Financial Investments in July 2020 and Wealthtime in December 2019.
The combined group containing the platforms has been named Avalon.
Across the three investments, AnaCap has now acquired almost £11bn in assets under management.
‘Ideally positioned’
Eric Verret, head of capital markets at AnaCap, said: “Being able to secure financing through HIG WhiteHorse enabled us to actively pursue our strategy in the UK wealth management space whilst providing us with the comfort of working with a knowledgeable, professional and sophisticated counterparty.”
Keith Green, HIG WhiteHorse principal, said: “We are delighted to support AnaCap in its acquisitions and integration of leading wealth management platforms, with the combined group now ideally positioned for the opportunities ahead.
“This transaction highlights HIG’s ability to support an early stage, attractive buy and build strategy in a fragmented market. We look forward to providing additional financial support as the combined group moves through its next phase of growth.”
