AlpInvest and Honeywell Capital Management invest £35m in Towry

The funding will be used to support the company's expansion plans, including further acquisitions and recruitments, driven by the incoming Retail Distribution Review (RDR) regulation.

The fresh equity comes on the back of a recent £47.5m financing facility from Macquarie Bank and the Royal Bank of Scotland secured earlier in the year.

Company
Towry is a wealth advisory firm that employs approximately 650 people in 18 offices across the United Kingdom. The firm offers fee-based wealth advice and investment management services to private individuals with investable assets of more than £100,000.

Since Palamon's initial investment in the company in 2003, Towry has made 10 acquisitions and grown its adviser base from 13 to 144. The firm's assets under management have grown from £250m to £4.6bn and its turnover has grown to £80m. The company's current book value stands at around £30m.

Palamon acquired Towry Law through its portfolio company John Scott & Partners for £37m in December 2005. Towry Group was incorporated in 2009, according to official records.

People
Daan Knottenbelt is a partner at Palamon, Andrew Fisher is CEO of Towry and Gerald Corbett is chairman of Towry.

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• Topics
• Expansion
• UK / Ireland
• Financials
• Palamon Capital Partners
• AlpInvest Partners N.V.
• United Kingdom