Hurst Point Group, a portfolio company of investment firm The Carlyle Group, has agreed to buy investment manager Hawksmoor Group.
Hawksmoor’s shareholders have approved the offer and several of them are expected to roll over their holdings in Hawksmoor into shares in Hurst Point Group.
Financial terms of the transaction, which is pending regulatory approval, were not shared.
Following the transaction, Hawksmoor will become a separate subsidiary of Hurst Point Group.
Founded in 2008 by John Crowley, Hawksmoor offers discretionary management services to private clients and clients of professional advisers such as trusts, pension schemes, and charities.
The firm has offices in Exeter, London, Taunton, Dorchester, and Bury St Edmunds.
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Commenting on the deal, Hawksmoor CEO Sarah Soar said: “This is an exciting opportunity for Hawksmoor as we continue to grow and develop the business.
“Partnering with Hurst Point Group and an investor such as Carlyle gives us valuable support to achieve our strategic objectives and helps to ensure that we can continue to deliver an exceptionally high-quality service to all of our clients.”
Hurst Point Group executive chairman Ian Gladman added: “We are delighted that the Hawksmoor shareholders have accepted our offer and also, in many cases, re-invested in the expanded Hurst Point Group.
“We have long held the Hawksmoor business in high regard and believe we can support the business to fulfil its true potential in the years to come.”
Carlyle set up Hurst Point Group in 2019 to support investment into the UK wealth management space.
The firm made its first investment in March last year with the purchase of Harwood Wealth Management.
In 2016, Hawksmoor Investment Management separated its fund and private client management businesses to promote its fund management capability.