Permira's Tilney Bestinvest adds on Webb Holton

JosУЉ Rojo
28 August 2015

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Tilney Bestinvest, a British wealth management service owned by Permira since 2013, has picked up Birmingham-headquartered financial advisory firm Webb Holton.

Following the acquisition, Webb Holton's 11 staff will move into Tilney's offices in Birmingham.

The add-on will strengthen Tilney's presence in the Midlands region as it seeks to grow within the UK's pension services industry. The acquirer is currently expanding operations via new hires and through a partnership, sealed with elder-specialised firm Saga in January, to set up a financial planning service for clients over 50 years old.

The strategy also involves bolt-on acquisitions, with a number of opportunities currently under consideration by Tilney.

Previous funding
According to unquote" data, Bestinvest first came under private-equity ownership in July 2007, when listed firm 3i bought a majority stake from founder John Spiers. Under the GP's six-year shareholding, Bestinvest recruited Mike Covell and Peter Hall as chairperson and CEO, respectively, and added on Haines Watts Financial Services in 2010.

After offloading £47m's worth of its stake in 2009, 3i fully divested it to Permira in November 2013. Three months afterward, the company's new owner supported it as it picked up Tilney's operations in Birmingham, Liverpool, Edinburgh and Glasgow from Deutsche Bank.

The bolt-on led to a merger between Tilney and Bestinvest into a group reported to represent a combined £9bn in managed assets.

Company
Created in 1986, Tilney Bestinvest is a wealth manager servicing clients seeking to invest or have their investments overseen by experts. The company also advises families and individuals on financial and retirement planning matters. With headquarters in London, the business claims to manage more than £9bn in assets and employs more than 400 professionals.

Webb Holton was created in 1980 and also offers financial planning services, with an emphasis on the Birmingham area, where it is headquartered. The business is understood to currently employ 11 professionals.

People
Peter Hall is CEO at Tilney Bestinvest, while Nigel Lister is director at Webb Holton.