DLA Piper have advised the management team of Bestinvest, the UK wealth manager and online investment service, on its acquisition by a company owned by Permira funds for an undisclosed sum.
The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2014.
Founded in 1986, Bestinvest is a dynamic and fast-growing UK private client investment group that is dedicated to rigorous and unbiased investment research and which has a relentless focus on excellent client service and the highest levels of professionalism.
Bestinvest provides a broad range of services for private investors whether they choose to make their own decisions or require investment advice, financial planning and investment management. Bestinvest’s expertise and strong client service culture have been recognised in numerous awards, including Wealth Manager of the Year and Best Wealth Manager for Investments in the 2013 Investors Chronicle and FT Wealth Management awards. Bestinvest’s clients trust it to look after some £5 billion of their assets.
The Permira funds will back Bestinvest’s plans to capitalise on the “advice gap” resulting from the Retail Distribution Review and will also help Bestinvest participate in the on-going industry consolidation.
David Raff led the DLA Piper team with support from Stephen Atkinson.
David said: "This is the start of an exciting new period of growth for Bestinvest, and we at DLA Piper are delighted to have been part of this deal. Looking after top class management teams on major private equity transactions is a fundamental part of our market leading practice."
Peter Hall, Chief Executive of Bestinvest, added: “The success of our business has been firmly built on our impartiality and expertise in research and offering the highest standards of professionalism and client service at great value-for-money. In looking for a partner to support the future growth of the business, the Permira funds stood out from the crowd in their understanding and appreciation of our distinctive ethos and their commitment to invest in the management team’s growth strategy.”
“The introduction this year of the Retail Distribution Review, which has replaced commission-based advice in the UK with transparent fees, has presented Bestinvest with an excellent opportunity for both organic growth and potential acquisitions.”
