Independently-owned private equity house, Coniston Capital, has agreed to take a minority stake in national advice business MWA Financial in exchange for an injection of growth capital.
MWA chief executive and founder Campbell Banks said the deal would “significantly increase the acquisition power” of the firm, which has completed five acquisitions in the last two years.
Banks went on to say MWA had a further three deals in the pipeline, which he anticipated would take assets under advice for the business above the £1bn mark by the summer of 2024. “Two of those are based in the North West of England, an area where the business is keen to increase its footprint and presence over the next 12 months,” he added.
Last month, MWA acquired London-based Sterling Financial Consultants and Cornwall-based The Financial Advice Centre for undisclosed sums. That means, in addition to its London headquarters, the firm now has offices in Cornwall, Essex, Hampshire, Hertfordshire, Oxfordshire and the Scottish Borders.
‘Vision for the future’
Commenting on the link-up with Coniston, Banks said: “When choosing a long-term equity partner for the business it was vitally important to ensure we partnered with people who believed in us and our vision for the future.
“We are proven acquirers and integrators of high-quality regional IFAs looking for flexible deal structures and individually tailored succession plans. The team at Coniston are big supporters of this tailored approach which we will be able to deploy more rapidly with their funding and ongoing support.”
Ben Kirby, who led the transaction for Coniston and will join the board of MWA, said: “Coniston is delighted to be backing MWA, an exciting and ambitious company with a strong management team and proven acquisition track record in a growing sector. We believe they are well positioned to build on their success to date to become a major player in the UK advice market.”