Private equity firm AnaCap Financial Partners has agreed to purchase Novia Financial, which is Britain’s third-largest independent investment and wrap platform by AuM.
Founded in 2008, Novia manages £8.15bn in assets and caters to 67,000 clients through over 1,000 IFA firms.
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AnaCap M&A partner Nassim Cherchali called the acquisition of Novia ‘a truly fundamental deal’.
Cherchali said: “The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”
The investment, which is pending regulatory nod, will be made from AnaCap Financial Partners III. Financial terms of the deal were not shared.
Commenting on the development, Novia CEO Bill Vasilieff added: “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies.
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By GlobalData“We believe that AnaCap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”
AnaCap’s expanding presence in UK’s wealth management space
The latest deal marks the third investment from AnaCap in the UK wealth management platform space. It follows the company’s purchase of Amber Financial Investments and Wealthtime.
It has added nearly £11bn in AuM through these acquisitions.
AnaCap said it will “continue to deploy its expertise in tech-enabled businesses and operational engagement” to accelerate the organic expansion of its business.
The company also eyes bolt-on acquisition opportunities.
AnaCap signed five private equity deals this year, with a combined enterprise value of more than €500m.
In 2016, AnaCap agreed to acquire Barclays’ French retail, wealth and investment management operations.
