British financial advisory firm Foster Denovo has secured an investment of up to £100m from American investment firm Crestline to accelerate its business growth.
The proceeds will be used by the financial advisory firm to acquire companies across the UK over the next few years.
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Following the completion of the deal in February, few acquisitions have already been made by Foster Denovo in the form of adviser practice buy-outs (PBOs).
The initial deals include four private client and corporate focused practices, which have been operating under Foster Denovo since it was formed in 2007.
The deal, whose financial terms were not made public, gives Crestline Investors a minority stake in Foster Denovo.
Foster Denovo CEO Roger Brosch said: “We are delighted to have secured this new funding which will fuel our ambitious five-year growth strategy. Crestline is the perfect partner for us – we are culturally aligned and share an absolute commitment to deliver exceptional value to our clients, staff and shareholders.
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By GlobalData“Crestline has a reputation for partnering with experienced management teams and investing in established businesses with bold expansion plans, and we look forward to achieving great things together.”
Foster Denovo’s revenue surged by 24% to over £27m in 2021 and it expects the first round of acquisitions to have an ‘immediate impact’ on its profitability.
Crestline managing director Andrey Panna said: “The Foster Denovo team has created an enviable market proposition, underpinned by its high quality of client service. The team is incredibly driven, and Crestline is delighted to be partnering with the company to fuel this next stage of their exciting growth journey.”
