Towry Finance, owned by private equity firm Palamon Capital Partners, has agreed to buy wealth manager Ashcourt Rowan in a deal worth £97m.
Under the terms of the agreement, Towry will pay 270p for each Ashcourt Rowan share.
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Ashcourt Rowan offers a range of expert, integrated wealth management and employee benefits consultancy services for individuals, families, charities and trusts, business owners and employers.
Ashcourt Rowan has £5bn in assets under management (AuM) while Towry has £6bn, making the combined entity a major player in the UK private wealth market.
Ashcourt Rowan has 16 offices across the UK and employs around 340 people.
Commenting on the deal, Towry chairman Ron Sandler said: "The combination of the Towry and Ashcourt Rowan businesses will bring an exciting opportunity to create one of the largest companies in the UK private wealth management sector.
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By GlobalData"Our highly complementary business models will deliver significant client benefits, providing access to a broader range of services and investment solutions. Ashcourt Rowan has developed into a high quality business following a period of reorganisation and with a strong cultural fit, the combined entity will be well positioned to take advantage of further growth opportunities as the market continues to evolve."
