Permira's Bestinvest bolts on Tilney's regional businesses

Bestinvest will bolt on the firm's Birmingham, Edinburgh, Glasgow and Liverpool businesses to create a wealth manager with assets under management worth around £9bn.

Permira provided the funding to support the bolt-on. The deal is expected to complete in Q2 2014.

Permira bought Bestinvest from 3i in November 2013 in a deal that generated proceeds of £45m for the listed vendor. 3i acquired the company in July 2007, and in 2010 supported its acquisition of Haines Watts Financial Services. In May 2009, 3i reduced its stake in the company by £47m.

The acquisition expands Bestinvest's regional coverage and extends its product offering. Deutsche Asset & Wealth Management will continue to provide wealth management services from its London office.

Company
Founded in 1836, Tilney is a private client investment manager for the UK market for high-net-worth individuals requiring discretionary investment management and wealth planning. The company also provides investment management services to UK financial advisers.

Tilney manages and advises assets worth £3.5bn across its regional businesses.

People
Philip Muelder is a partner at Permira.

Advisers
Equity – Fenchurch Advisory (Corporate finance); Freshfields Bruckhaus Deringer (Legal).
Vendor – Clifford Chance (Legal).

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