London- and Glasgow-based adviser Advanta Solutions has secured a significant investment from British private equity firm Beech Tree Private Equity.
The investment amount was not revealed. However, it is said that Beech Tree typically invests £10m-£40m in a business.
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Advanta plans to use the infusion to speed up its organic growth and pursue a “multiple acquisition strategy”.
As part of the deal, Beech Tree’s Simon Hemley and Andy Marsh have secured seats on the Advanta board as non-executive directors.
Advanta offers financial planning services to its clients through Advanta Wealth, besides mortgage and insurance brokerage.
The group focus on lifestyle planning, cashflow modelling, regular investment and investment growth, loss of income, estate and tax planning, and protection policies as well as retirement planning and estate planning.
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By GlobalDataIt currently has 60 employees and oversees around £500m in assets.
Advanta CEO Craig Webster said: “We intend to accelerate organic growth by recruiting several additional advisers each year who share both our focus on customer service and our growth ambitions.
“On the acquisition side, we believe there are c.3,000 financial advisory firms out there with principal owners either already 60 or approaching 60. We understand that retiring owners are focussed on ensuring a legacy and that their businesses can continue to prosper with both staff and customers looked after appropriately going forward.
He added: “We are fully committed to doing just that and will target acquisitions with AUM of more than £50m and EBITDA of more than £250,000. We have ample firepower to transact multiple acquisitions every year.”
Beech Tree invests in financial services, support services and technology sectors to facilitate management buy-outs, acquisitions and organic growth initiatives.
Last November, wealth management platform Addepar raised $117m in a Series E financing round to support its expansion plans.
