Palatine backs secondary MBO of Wealth at Work

Capital will be used to aid the company's organic growth and develop its service range. Furthermore, Palatine will assist Wealth at Work in identifying acquisition opportunities in the market.

Media reports suggest the deal value to be around £6m.

Previous Funding
In June 2009, LDC provided funding for the MBO of the company from JP Morgan Asset Management. Although the value of the transaction was not disclosed, it was estimated to be less than £25m.

Company
Wealth at Work is a provider of financial education and employee wealth management services. The company was founded in 2005 and is based in Liverpool.

People
Gary tipper, Ed Fazakerley and Beth Houghton structured the deal on behalf of Palatine; Tipper and Houghton will join the board of Wealth at Work. The company's management team is led by CEO David Cassidy.

Advisers
Equity - BDO, Chris Heatlie, Bob McDermott, Andrew Riley (Financial due diligence); Deloitte, Andy Westbrook (Corporate finance); Edison Investment Research, Mark Thomas (Commercial due diligence); Gateley LLP, Rebecca Grisewood, Kate Richards (Legal).
Vendor - Eversheds, Jonathan Robinson (Legal).
Company - Marsh, Louise Perry Hall (Insurance due diligence).
Management - DLA Piper, Stephen Devlin (Legal).

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• Topics
• UK / Ireland
• Support services
• Buyouts
• Palatine Private Equity
• DLA Piper
• BDO Stoy Hayward
• Deloitte
• Eversheds
• LDC
• Secondary buyout