Wed, 10 Mar 2021 | BUSINESS SALE
Private equity firm Sovereign Capital Partners has made a £55 million investment in Brighton-based wealth management firm Skerritts, which will enable the company to grow through acquisitions.
Skerritts, which is already an acquisitive operator with eight takeovers to its name, will now benefit from Sovereign’s buy and build strategy. Operating out of Hove and with a further location in London, Skerritts manages around £1 billion in funds for 4,000 clients.
Sovereign will work with Skerritts’ management team, which is headed by founder Richard Skerritt. Also joining the Skerritts management are Andrew Fisher, who becomes a non-executive director, and new Chief Financial Officer Charles Sparrow.
Richard Skerritt commented: "Sovereign’s investment and expertise in financial services gives us a fantastic opportunity to accelerate our growth ambitions and enhance our capabilities.”
"I am very proud of the business which I established thirty years ago from a home office. As a team, we are dedicated to providing the highest level of care to all our clients. We look forward to further enhancing our capabilities and continuing to deliver the same level of service and care we are recognised for by our customers."
Sovereign partner Alex Hay said: "Skerritts is a multi-award-winning business which has deservedly earned a first-class reputation in the industry. Richard and his team have consistently grown the company and made a number of acquisitions to further consolidate the firm's position in the South East.”
"With the development of a leading in-house investment management solution alongside, we consider the business to be strongly positioned for future growth. The market is highly fragmented, and we look forward to partnering Richard and the expanded team to develop Skerritts' offering and geographic footprint through strategic acquisition."
Sovereign Capital Partners was recently featured in this piece on pursuing acquisitive growth with private equity backing.
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