Equistone-backed Wealth at Work bolts on Affinity

The transaction expands Wealth at Work’s presence in the public sector, bringing its total volume of assets under management to £1.5bn.

Equistone supported the £50m all-equity MBO of Wealth at Work from Palatine Private Equity in August 2015. The deal marked the first UK investment for the GP’s fifth fund, which held a €2bn final close in April 2015. Palatine re-invested for a minority stake as part of the transaction.

At the time of Equistone’s initial investment, the GP stated Wealth at Work would look to make a number of targeted acquisitions. It also intends to capitalise on the increasing need for employee guidance related to recent regulatory changes affecting pension schemes and other benefits.

According to unquote" data, Wealth at Work first came under private equity ownership in June 2009, when LDC carved out the business from JP Morgan Asset Management. LDC sold its majority stake to Palatine two years later in a deal understood to be worth around £6m.

Company
Bristol-headquartered Affinity, which is registered as The Farleigh Group, was founded in 2004 and provides financial advisory and education services to the public sector. It provides advice on topics including pensions, mortgages, estate planning, redundancy and personal investments.

Affinity’s clients include the UK’s National Health Service and local authorities, in addition to the fire, police and education sectors.

People
Equistone – Steve O’Hare (partner).
Wealth at Work – David Cassey (CEO).

Advisers
Equity – Deloitte, Richard Bell, Dan Wright (financial due diligence).

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