Bridgepoint merges Quilter with Cheviot

The transaction remains subject to regulatory approval and is expected to close before year-end.

Bridgepoint acquired Quilter & Co in January 2012 for around £170m from Morgan Stanley Smith Barney, a deal led by Bridgepoint partner Michael Black. In April, Bridgepoint secured a £67.5m senior debt facility for the company. The debt, arranged by GE Capital, HSBC, Investec and RBS, increased Quilter's leverage to 40%.

Company
Quilter Cheviot will have combined assets under management of €12bn, with Quilter contributing 68% of the managed assets. With offices in 15 locations across the UK, Ireland and the Channel Islands, Quilter Cheviot will employ more than 500 people.

Quilter's CEO Martin Baines will head the combined group, while Cheviot chief executive Michael Kerr-Dineen will assume the role of senior adviser to the firm.

People
Partner Stephen Green led the transaction on behalf of Bridgepoint.

Advisers
Equity - Linklaters, Ian Bagshaw, Stuart Boyd (Legal).
Company (Quilter & Co) - PricewaterhouseCoopers (Corporate finance).
Company (Cheviot Asset Management) - Addleshaws Goddard (Legal); Deloitte (Corporate finance).

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• Topics
• UK / Ireland
• Portfolio management
• Financials
• Acquisition finance
• Bridgepoint
• United Kingdom