Openwork has acquired network member and 100-adviser firm Milecross in its first acquisition since it received major investment from Bain Capital.

Northern-Ireland headquartered Milecross has assets under management of around £750m, with 100 advisers spread across 30 UK locations. It also includes a mortgage and protection business.

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The advice firm has been a member of the network since both firms were founded 20 years ago.

Paul Dalzell, Milecross founder and CEO, said: “Having founded and led Milecross for the past 20 years I am incredibly proud of what we have achieved together. I genuinely love what I do, and I care about our future and what that looks like for all of us.

“The relationship with Openwork is a strong and enduring one, and being part of Openwork has given us the platform and environment to build a great business. Now, this next stage in our partnership cements the future for our clients, advisers, colleagues and the next generation of Milecross.”

Earlier this year Openwork secured further investment in order to invest in advice firms. Private equity investor Bain Capital took a £120m 30% stake in Openwork in May, following 98% of Openwork partners voting in favour of the investment.

Openwork also agreed a new debt facility with Santander to provide an expanded £35m revolving credit facility to accelerate its adviser succession and renewal programmes.

Philip Howell, CEO of Openwork, said that discussions with the management team at Milecross had been ongoing as the adviser firm considered its succession planning.

He said: “Conversations with Paul and his team at Milecross have been held for a little while and we now have the growth capital to invest and support Milecross undertake its succession plan.

“This investment ensures a smooth transition for the business, which will continue to be run with the management team remaining at the helm, and demonstrates our commitment to supporting the individual growth and succession plans of all our partner firms, no matter their stage and scale.”

Since being set up in 2005, Openwork has grown to a network of more than 4,840 advisers. Since 2018, Openwork has been 90% owned by more than 1,300 Partners, which includes the principals of the network’s 860 advice firms.