UK buyout firm Permira has completed its acquisition of the UK wealth manager and online investment service Bestinvest from fellow private equity firm 3i.
3i was first reported to have sold the private client investment group back in November, for proceeds of about £45m. The firm 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.
Philip Muelder, partner in the financial services team at Permira, said, “Bestinvest is an excellent, award-winning business with a strong management team whom we are delighted to back. The UK wealth management industry has strong organic growth characteristics but it also remains fragmented which presents consolidation opportunities. Bestinvest is exceptionally well positioned on both fronts.”
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