Advice consolidator Shackleton has received a majority investment from US private equity firm Lee Equity Partners, subject to regulatory approval.
Lee Equity will take over from Shackleton’s current private equity investor Sovereign Capital Partners.
The Skerritts Group rebranded and launched its London-based national advice firm Shackleton last December.
Since Sovereign’s investment, Shackleton has made 18 acquisitions across the UK.
Alex Hay, partner at Sovereign, said: “We are delighted to have worked alongside the Shackleton team to transform it from a regional South East business into a truly national wealth management platform.
“Alongside an exceptional management team, we have created Britain’s financial adviser of choice through strategic acquisitions and the recruitment of industry-leading talent.
“This transformation demonstrates the significant consolidation opportunity within the fragmented IFA sector, and we’re confident that Shackleton is uniquely positioned for its next phase of growth under new ownership.”
Lee Equity is a New York-based private equity firm that was founded in 2006 and has partners with businesses in the financial and healthcare services sectors.
Some of the financial firms that Lee Equity has under its portfolio are:
Paul Feeney, chief executive officer of Shackleton, said: “We launched the Shackleton brand late last year with the vision of becoming Britain’s financial adviser, by providing trusted, fair and affordable financial advice to people right across our nation.
“We are one step closer to achieving that vision today as we welcome our new private equity partners, Lee Equity.
“With Lee Equity’s backing we have secured very significant international investment not just for Shackleton but also for our country. Thank you, Sovereign, you have been great supporters, and welcome, Lee Equity. The journey continues.”
Danny Rodriguez, partner at Lee Equity, added: “We have a long track record of investing in, and supporting, leading wealth management businesses, and we believe Shackleton is uniquely positioned to capitalise on the growth opportunity in the UK market.
“The Shackleton team has built an exceptional platform with strong momentum, and we look forward to working together to further grow and scale the business in the years ahead.”
sonia.rach@ft.com
