Equistone Partners Europe, an investment firm owned by former executives of Barclays Private Equity, has completed the £50m management buyout of financial services company Wealth at Work from Palatine Private Equity.
Based in Liverpool, Wealth at Work provides financial education, regulated advice and wealth management services to employees with over 120 staff.
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The business has educated more than 80,000 employees on issues such as redundancy and retirement planning.
The takeover marks as Equistone’s first UK investment from its Fund V which closed at EIUR2bn in April and sees the private equity firm retaining a majority stake in the financial advisory business following the transaction.
As part of the deal, Equistone partners Steve O’Hare and Dominic Geer will join the Wealth at Work board as non-executive directors, while Wealth at Work’s CEO David Cassidy will remain with the business.
Steve O’Hare said: "Regulatory change and increased pressures for employers to boost engagement with staff is driving demand for services at Wealth at Work.
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By GlobalData"The business is well placed for continued organic growth and we will also look at strategic acquisition opportunities over the coming months. We look forward to working with the team through the next phase of growth."
David Cassidy said: "This new significant investment into Wealth at Work will allow us to continue to grow quickly and therefore meet the rapidly increasing demand for our services which are now used by a number of the largest companies in the UK.
"I very much look forward to working with Equistone and further developing our offering to our clients, delivering innovation and setting new standards of best practice."
