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June 30, 2021

Flexpoint Ford closes £231.6m purchase of AFH Financial

Private equity investment firm Flexpoint Ford has wrapped up the deal to buy British financial planner AFH Financial Group for $327.5m (£231.6m).

The acquisition was made through Cortina Bidco, a newly incorporated company indirectly controlled by funds managed by the private equity firm.

Raymond James Financial International was the exclusive financial adviser while Kirkland & Ellis International served as legal adviser to Flexpoint Ford.

AFH Financial Group CEO Alan Hudson said: “There is a strong strategic and cultural fit for all stakeholders and we are confident that our partnership will enable us to service growing client needs and grow market share, reflecting our strong track record of increasing shareholder value.”

Flexpoint Ford inked an agreement with the independent directors of AFH Financial Group on the terms of a £224.5m offer to buy the latter.

The offer price was sweetened to £231.6m by Bidco in March after the initial bid failed to get the nod of AFH shareholders.

Last month, AFH secured the clearance from the UK’s Financial Conduct Authority (FCA) for the acquisition.

Flexpoint Ford managing director Daniel Edelman said: “We could not be more excited to announce the completion of our acquisition of AFH, our very first platform investment in the UK.

“We look forward to working with AFH’s management team, who share our values, and remain confident in the continued success of AFH and its next phase of growth in the private domain.”

AFH offers wealth management as well as financial advisory services to more than 20,000 clients in the UK.

The firm decided to temporarily put the brakes on its acquisition strategy in 2019 after making 50 takeovers in five years. The pause was due to the uncertain political and economic landscape.

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