European private equity business Cinven has completed its investment in UK advisory platform firm True Potential.
The sale of the majority stake was first reported in September 2021 and, while the sum was not released, at the time it was rumoured the deal was worth around £2.5bn ($3.4bn, €3bn).
Newcastle-headquartered True Potential provides financial advice, investment platforms and fund solutions to more than 1.4 million retail clients across the UK.
‘Perfect’ timing
Daniel Harrison, chief executive of True Potential, said: “We’re pleased to complete our deal with Cinven and we look forward to another year of what we expect to be record growth.
“This is the perfect time for True Potential to take on Cinven’s investment, as it will enable us to continue revolutionising the way wealth management is provided. We have a shared vision, and I am confident our deal will accelerate the growth goals we have set for the company.
“This is a great deal for our management team, staff and all of our partners, as it will guarantee more years of growth and expansion. We are a bold, digital-first and client-focused team, and Cinven’s investment strengthens our ability to invest in the technology that will serve our clients and further disrupt the financial services sector.”
The deal completion comes a week after Cinven bought a majority stake in International Financial Group Limited (IFGL) – the parent company of RL360 and Ardan International – for an undisclosed sum, taking over from previous PE backer Vitruvian Partners.
