European private equity firm Nordic Capital has received regulatory approval to complete its acquisition of Financial Planning firm Ascot Lloyd from Oaktree Capital Management for an undisclosed sum.
The deal was first announced in April but required the approval of the Financial Conduct Authority, which was granted today (3 October).
Ascot Lloyd has close to £10bn in funds under influence and provides Financial Planning, wealth management and corporate benefit solutions to more than 20,000 clients.
It has more than 500 staff in 17 UK locations and has seen continued growth under its current management team, led by Nigel Stockton.
Los Angeles-headquartered Oaktree had been an investor in the Financial Planning firm since 2013 and acquired the firm in 2017.
Ascot Lloyd will use the investment from Nordic Capital to further develop its digital proposition, increase its focus on sustainable savings and consider potential acquisition opportunities.
Ascot Lloyd chief executive Nigel Stockton said: “Following nine years of considerable progress with Oaktree, we are delighted that Nordic Capital’s acquisition of Ascot Lloyd has now completed.
“Their investment, supported by their expertise in our sector, will give us substantial new firepower to accelerate our growth, enabling us to extend our inorganic M&A strategy and further invest in our people and technology. I look forward to working with Nordic Capital on this next phase of Ascot Lloyd’s story.”
In recent years Ascot Lloyd has acquired a number of Financial Planners, including Kemble Warwick, Corporate Benefits Consulting, Gregory Adam Financial Management, Fitzroy Wealth Management and Ring Associates in 2020.
In August 2021 it completed the acquisition of Aberdeen-based Central Investment Services, a few months after securing funds from Ares Management Corporation to increase its capital available for acquisitions to over £100m.
The deal confirmed today includes the acquisition of the interests of Ares Management Corporation.
