Progeny acquires Hampshire-based advice firm
Its third acquisition since a US-based private equity firm bought a majority stake in the business
Its third acquisition since a US-based private equity firm bought a majority stake in the business
Deal adds £120m in client assets to the Schroders’ subsidiary
It acquired 21% of parent company LEBC Holdings at the start of the year
Its IFA subsidiary is also part of the deal
It is the company’s second deal in three years
It has four potential acquisitions ‘in exclusive due diligence’
FCA and Jersey regulator give deal their respective nods of approval
It has made 51 acquisitions since 2008 and has a ‘good pipeline’ for even more in 2022/23
Value of SUPP’s holding in Benevolent AI written up by a further 40%
IFA firm is currently owned by US investor Oaktree Capital Management, which bought Sanlam’s wealth operations in 2021
With the option to acquire the remaining stake ‘in due course’
Owner of one of the businesses is to retire