J.C. Flowers & Co-backed Solomon launches buy-and-build strategy with Beaufort Group acquisition
Solomon Capital Holdings Ltd (Solomon), a new advice and wealth management group founded by former Quilter Financial Planning CEO Andy Thompson and CFO Darren Sharkey, announced today that it has agreed to acquire Beaufort Group. Financial terms of the transactions are not being disclosed.
The transaction, which remains subject to FCA approval, is the first stage of a strategy to build a national advice business, serving in excess of 50,000 clients.
This initial acquisition will see Solomon take full ownership of Beaufort Financial and YOU Asset Management (YOU), providing both businesses with the resource and support to confidently implement their ambitious growth plans to develop their long-term proposition and exceptional service for clients and advisers.
Based in the UK, Beaufort Financial is a financial planning firm that offers sophisticated and transparent financial advice to individual clients and private companies. YOU is an award-winning discretionary fund management firm with a 17-year track record and over £1.4billion in funds under management on behalf of private investors, trusts, charities and corporate bodies. The firm offers a series of Active, Income, Enhanced Passive and Ethical Model Portfolios as well as its own Multi-Asset Blend Funds.
Beaufort Financial and YOU will retain their own brand identities and control over day-to-day operations, as well as the inclusive cultures on which they pride themselves.
Following completion of the deal, Beaufort Group CEO Derrick Dunne and Co-Chair Simon Goldthorpe will join the Executive team at Solomon, with Mr. Goldthorpe becoming Vice Chairman.
Solomon was set up last year by Andy Thompson and Darren Sharkey with the view to creating a technology-enabled national advice business dedicated to bringing holistic and hybrid advice and high-quality customer service to mass affluent customers across the UK.
The business is backed by private equity firm J.C. Flowers & Co, which has a strong track record in financial services going back more than 20 years.
Solomon was advised on the transaction by DLA Piper, Freeths, Houlihan Lokey and Liberty Corporate Finance.
Andy Thompson said: “Over the years, Simon, Derrick, Andrew Bennett and the team have built tremendously successful businesses in Beaufort Financial and YOU, earning great reputations in the process. The complimentary businesses provide a significant and strong set of foundations on which we can build, with a shared vision for the future. The talented professionals they employ and the proposition they have developed is second to none.”
Simon Goldthorpe said: “The deal with Solomon is a positive, natural and planned next step for the business and one about which we are extremely excited. We partnered with Solomon because the quality and vision of its leadership team, combined with the strength and track record of its financial backer, will provide us with the platform to set new standards in how financial advice is delivered in the UK.”
Notes to Editor:
Solomon Capital Holdings Ltd:
Solomon Capital Holdings Ltd (Solomon) is a new advice and wealth management group, set up last year by Andy Thompson and Darren Sharkey, with a view to creating a technology-enabled national advice business, dedicated to bringing holistic advice and high-quality customer service to mass affluent customers across the UK.
The Beaufort Group of Companies:
Established in 2012, the Beaufort Group of Companies is a leading provider of retail financial services advice and products. With offices throughout the UK, the Group delivers high-quality financial planning and investment services through its subsidiaries, Beaufort Financial and YOU Asset Management (YOU).
Beaufort Financial is a nationwide partnership of IFAs offering sophisticated and transparent financial advice to private companies and individual clients.
YOU is an award-winning discretionary fund management firm with a 17-year track record and over £1.4billion in funds under management on behalf of private investors, trusts, charities and corporate bodies. The firm offers a series of Active, Income, Enhanced Passive and Ethical Model Portfolios as well as its own Multi-Asset Blend Funds.
J.C. Flowers & Co:
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has approximately $5 billion of assets under management. J.C. Flowers has offices in New York and London with an approximately 20-person investment staff who have a combined 300+ years of experience. Over its history, J.C. Flowers has invested more than $17 billion of capital in 60 portfolio companies in 18 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. For more information, please visit www.jcfco.com.