Harwood is already planning four further acquisitions of adviser firms.
The acquisition of Harwood was announced in December with Carlyle setting up a new company called Bidco to acquire all the shares of Harwood in an all-cash deal valuing the firm at nearly £91m.
Last Friday the High Court approved the deal and today Harwood’s shares were suspended on AIM as the scheme became effective. Shareholders should receive their payments within 14 days.
The cash offer was recommended to shareholders by the board of Harwood.
Harwood said previously it expected total revenue of £33.6m for the year ended October 2019, a “modest increase” on revenue of £32.7m for the previous year.
Harwood has continued to buy adviser firms and recently completed the acquisition of CIC Financial Solutions Limited in September 2019 and Andrew Routley Pensions Limited in December 2019.
US-based Carlyle is a global private equity group with £170bn in assets under management in 365 investment vehicles.
Harwood Wealth Management Group was created in 2016 through the merger of Compass Wealth Management Group and Wellian Investment Solutions.
Carlyle is buying Harwood through Bidco which is run by Hurst Point Topco Limited, a newly formed company indirectly controlled by funds managed by Carlyle.