UK-based Sovereign Capital Partners has made an investment of £55m in wealth management business Skerritts.
The investment will enable Skerritts to expand the business through a strategy of organic and acquisitive growth. The deal value includes follow-on funding to finance the company’s strategic acquisitions.
Founded by CEO Richard Skerritt in 1990, Skerritts offers financial planning and investment management services.
The company, which employees 40 staffs, is headquartered in Hove, with an office in London. It services 4000 private clients as well as corporates and manages £1bn in funds.
Skerritts also provides discretionary service, including a range of model portfolio strategies and open-ended investment funds, through its in-house investment management solutions.
Additionally, it is set to expand its vertical integration opportunities with the roll out a white label platform solution through platform technology company Hubwise.
Sovereign partner Alex Hay said: “Skerritts is a multi-award-winning business which has deservedly earned a first-class reputation in the industry. Richard and his team have consistently grown the company and made a number of acquisitions to further consolidate the firm’s position in the South East.
“With the development of a leading in-house investment management solution alongside, we consider the business to be strongly positioned for future growth. The market is highly fragmented, and we look forward to partnering Richard and the expanded team to develop Skerritts’ offering and geographic footprint through strategic acquisition.”
Commenting on the development, Skerritt said: “Sovereign’s investment and expertise in financial services, gives us a fantastic opportunity to accelerate our growth ambitions and enhance our capabilities.
“We look forward to further enhancing our capabilities and continuing to deliver the same level of service and care we are recognised for by our customers.”