British advisory firm Wren Sterling has secured a majority investment from investment funds affiliated with Lightyear Capital.
Size and other terms of the deal have not been made public.
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The investment will support the firm to complete a management buyout from Palatine Private Equity and shareholders, subject to FCA approval.
New York-based Lightyear is a financial services private equity firm with focus on asset and wealth management.
The deal will have no effect on Wren Sterling’s management team and staff.
Wren Sterling executive chairman Ian Darby said: “We have secured a fantastic deal for Wren Sterling’s clients, shareholders and staff. It will provide a return for our investors, enable us to grow our business and continue to invest in our client service.
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By GlobalData“Lightyear will bring years of expertise in growing financial advice businesses, plus the capital we require to help us grow Wren Sterling, so they’re an ideal partner for us.
“Palatine has been a hugely supportive owner over the last six years. Through the management team’s hard work and Palatine’s guidance, we’ve created a dynamic business that is helping many people across the UK to make the right financial decisions.”
Lightyear managing partner Mark Vassallo added: “Lightyear’s investment in Wren Sterling will build on our successful track record in wealth management and reflects our longstanding thematic focus on the growth of independent financial advice.”
Wren Sterling was created following a management buyout of Towergate Financial led by Ian Darby and supported by Palatine Private Equity in March 2015.
Last month, the firm added approximately £294m of assets and 550 new clients through a trio of acquisitions.
The acquired entities were Sentinel Private Clients, Bookkeeping Administration Services (BKASL), and Rothesay Intelligent Financial Services.
Last August, the company closed the purchase of Woking-based IFA Frobisher Capital from parent Corimar Holdings.
In July 2019, the firm bought Dunfermline-headquartered TD Armstrong Financial Planning.
