US private equity firm Stone Point Capital has acquired a majority stake in growing Financial Planning firm Amber River.
London-based Amber River says the deal will support its next phase of growth and allow it to roll out its 'Life Landscaping' Financial Planning offering.
Stone Point, based in Connecticut, USA, is a financial services-focused investment firm with over £52bn in assets under management.
The cost of the deal has not been disclosed but media reports have suggested a figure of £900m.
The transaction is expected to be completed by the summer subject to regulatory approval.
Amber River is focused on regional face-to-face advice and has £13.6bn of assets under management and advice. It has 330 Financial Planners, advisers, technical experts and investment professionals and a network of 13 regional ‘wealth centres’ and two Centres of Excellence for mortgage advice and investment management. The firm advises about 80,000 clients.
Founding private equity investor Penta Capital’s has backed the firm so far and will continue to be a key investor.
Amber River says the new funding will help bring its “Life Landscaping” to a wider audience.
Amber River CEO Mary-Anne McIntyre said: "Back in 2019, when we first started thinking about the kind of company we wanted to create, and the people we wanted to have with us on the journey, we focused on building a business that was fundamentally different to others: independent, customer driven, and purpose-led.
“Today, we have become one of the leading Financial Planning firms in the UK supporting around 80,000 clients. Our success has come from creating the go-to Group for entrepreneurial firms and individuals who have a passion for looking after their clients and believe in the power of shared ownership.
“We are thrilled to enter our next phase of development and growth with Stone Point. Stone Point’s partnership-driven approach, deep expertise, and strong track record of investing in our sector in the US make them a perfect partner. We are delighted by the opportunity to work with Stone Point, and we are very pleased that Penta have chosen to continue with us on the next stage of our journey.”
Fayez Muhtadie, co-head of private equity at Stone Point Capital, said: “We are very excited to be partnering with Mary-Anne and her colleagues at Amber River. The firm stands out for its clear purpose, strong culture and commitment to enabling advisers to deliver sustainable long-term value and positive outcomes for clients. We have great confidence in the leadership team and look forward to supporting the business as partners in its continued growth.”
Steven Scott, founding partner of Penta Capital, said: “Attracting the backing and support of Stone Point Capital is a significant milestone for Amber River and reflects the strength of the business built by Mary-Anne and her team since inception. It also represents the next stage in the firm’s evolution and while progress to date has been impressive, we know there is a great deal more success to come and are delighted to remain invested in the business as it enters this exciting new chapter.”
Amber River and Penta Capital were advised by Rothschild & Co (financial adviser) and Dickson Minto (legal adviser). Stone Point Capital was advised by Continuum Advisory Partners (financial adviser) and Paul, Weiss (legal adviser).