Manchester-based Palatine Private Equity has completed a £14m double deal involving the management buyout of the mortgage broking business John Charcol, and Towergate Financial Planning from Towergate Group.
Apart from an initial purchase price of £8.64m, Palatine is investing an additional £5m for the financial separation of the two London-based businesses.
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Towergate Financial Planning is set to be rebranded over the next few weeks, whereas John Charcol will continue to trade under the same brand it has developed over the last 40 years.
Ian Darby has been appointed as the executive chairman for both the firms following the acquisition.
Darby, who appointed Towergate Financial’s chief executive in October 2008, departed in November 2011 to join Aviva in the position of a retail director.
Warren Page will continue in the role of chief executive for Towergate Financial. Simon Knight will join the John Charcol team as chief executive.
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By GlobalDataTony Dickin and Andy Strickland, who led the deal for Palatine, will join the boards of both businesses.
