Inflexion's Succession in £10m double bolt-on

Kenny Wastell
06 March 2017

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Inflexion Private Equity portfolio company Succession, a UK wealth management business, has bolted on Lewis Chambers and Plan4Wealth.

The deal gives the two target companies a combined value of more than £10m.

The bolt-on comes nine months after Succession secured a £25m funding package in support of its bolt-on plans.

During the period between Inflexion's acquisition of a majority stake in 2014 and the subsequent investment round in June 2016, the company bolted on 25 competitors. It had previously announced plans to acquire a total of 50 by the end of 2017.

Other recent acquisitions include Cornwall-based TMS, Facts Financial from Sheffield, and Carson Associates and Firth & Scott in Nottingham, which were acquired for a total of £9.5m.

Established in 2009 by CEO Simon Chamberlain, Succession provides financial advice to private and corporate clients. It employs 110 people throughout the UK and has £4.5bn in funds under management with a further £8bn in the back books of its affiliated member firms.

Previous funding
Inflexion acquired a 50.1% stake in Succession in January 2014. Two and a half years later, the GP took part in a £25m funding round for the business alongside HSBC and other existing investors.

Company
Lewis Chambers was founded in 2014 and is headquartered in Maidenhead, Berkshire, while Plan4Wealth is headquartered in Farnham, Surrey, and was founded in 2012. Both companies provide wealth management services and each business joined Succession as affiliate members within the past six months. The companies have a combined £200m in funds under management.

People
Succession – Simon Chamberlain (CEO).
Inflexion Private Equity – Andrew Mainwaring (investment director).