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3i exits UK wealth manager Bestinvest to Permira for £45m proceeds

7 Nov 2013

exitUK-based private equity firm 3i has sold wealth manager and online broker Bestinvest to Permira for proceeds of about £45m.

3i bought Bestinvest in July 2007 in a deal said to be worth £165m, just before the global financial crisis crippled markets and saw asset prices slump.

The firm said that despite “challenging market and economic conditions” during the first phase of its ownership it was able to drive “significant business improvement”.

3i said the sale of its majority stake would provide it with proceeds of about £25m, representing a £19m uplift over June 2013’s value and a £21m uplift over March 2013.

The remaining £20m will go to funds invested by 31 on behalf of others.

Ian Lobley, partner at 3i, said, “During 3i’s investment, Bestinvest has been transformed as a business and continued to grow, despite some challenging times in the financial markets.

“Today Bestinvest has around £5bn of funds under management and a strong reputation in the industry.

“As Bestinvest enters a new phase of development we thought now was the time for us to realise the value created with the management team and introduce a new partner to support the company’s future growth.”

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