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June 17, 2022

Caledonia seeks to offload investment manager 7IM in £400m deal

London-listed Caledonia Investments is looking to offload boutique fund manager 7IM in a deal worth about £400m, reported Sky News citing people aware of the development.

Caledonia, which own the controlling stake in the fund manager since 2015, is expected to launch the sale process later this year.

The firm has retained investment bank Evercore Partners to oversee the sale, which could be delayed if market conditions remain unattractive.

The news comes a few months after Caledonia rejected an unsolicited £300m takeover bid for 7IM by Brooks Macdonald.

Brooks Macdonald is expected to make a bid for the company in the upcoming sale process alongside other fund managers and interested private equity investors.

Caledonia acquired 93.6% of 7IM in 2015 in a deal worth about £100m.

In April this year, 7IM Jersey sold its Trust and Private client book to Smith & Williamson International, a part of Tilney Smith & Williamson.

The deal was in line with 7IM’s move to shut its Jersey branch following a strategic review of the business to focus on its core business areas and clients.

In 2019, Caledonia finalised the purchase of a minority stake in multi-family office Stonehage Fleming & Family Partners.

Other developments at 7IM

In 2019, 7IM launched a multi-asset passive model portfolio range 7IM Pathway, which consisted of five portfolios with different risk levels.

In 2018, the firm acquired Tcam Asset Management, an Edinburgh-based discretionary asset manager with  £12.5bn in assets and employs 266 staff.

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