Oaktree exits Ascot Lloyd to Nordic Capital

Rachel Lewis
22 April 2022

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Oaktree Capital has sold British financial advisor Ascot Lloyd to Nordic Capital in a secondary buyout.

Nordic is acquiring the company via Fund X, which closed in October 2020 at EUR 6.1bn.

Ascot Lloyd was marketed off an EBITDA above GBP 30m in an auction process led by Houlihan Lokey, as reported.

Oaktree had in 2020 hired the same bank to explore a sale, which led to Ares Management joining as a minority investor. Ares is also exiting its stake as part of the Nordic buyout.

It first invested in the company in 2013 as Bellpenny. The GP bought and merged Ascot Lloyd in 2017 and kept the latter's branding.

Nordic said it will further develop Ascot's digital proposition, accelerate organic and inorganic growth, and further increase its focus on sustainable savings.

The company has nearly GBP 10bn funds under influence and provides financial planning, wealth management and corporate benefit solutions to more than 20,000 clients.

Oaktree managing director Federico Alvarez-Demalde said that since 2016, the company has tripled assets under management and more than quadrupled revenues, with over 80 acquisitions executed to date.

It posted 24% YoY revenue growth to GBP 63m in 2020 and 20% growth in EBITDA to GBP 14.3m, as per its latest public accounts. Client assets stood at GBP 9.4bn at the end of the period.

Nordic has six active other financial services asset including Swedish Max Matthiessen, a financial advisor within pensions, insurance and investments, which it acquired in May 2020.

The sponsor also owns stakes in credit management services company Intrum; digital consumer bank Nordax; services provider for SMEs Qred; online comparison platform Sambla; and direct bank payments Trustly.

Advisors

Oaktree - Houlihan Lokey (M&A); Proskauer Rose (legal)

Nordic Capital - Fenchurch Advisory (M&A), Kirkland & Ellis (legal); Alvarez & Marsal (commercial)