Hurst Point Group, the portfolio company of global investment giant The Carlyle Group, has agreed to buy Hawksmoor Group.
It is expected that a “number of share- and option-holders will roll over their stake in Hawksmoor into shares in Hurst Point Group”, the firms said in a statement.
Hawksmoor will become a separate subsidiary of Hurst Point Group.
The completion of the transaction is subject to Financial Conduct Authority (FCA) regulatory approval and other customary conditions.
The financial terms of the deal were not disclosed.
Hawksmoor was founded in 2008 by John Crowley and has grown into a specialist investment and fund management business with offices in Exeter, London, Taunton, Dorchester and Bury St Edmunds.
It provides discretionary management services for private clients, and clients of professional advisers, including trusts, pension schemes and charities.
Hurst Point Group was established in 2019 to facilitate investment by Carlyle into the UK wealth management sector and made its first investment in March 2020 with the acquisition of Harwood Wealth Management.
Sarah Soar, Hawksmoor chief executive, said: “This is an exciting opportunity for Hawksmoor as we continue to grow and develop the business.
“Partnering with Hurst Point Group and an investor such as Carlyle gives us valuable support to achieve our strategic objectives and helps to ensure that we can continue to deliver an exceptionally high-quality service to all of our clients.”
Ian Gladman, executive chairman of Hurst Point Group, added: “We have long held the Hawksmoor business in high regard and believe we can support the business to fulfil its true potential in the years to come.”