Tue, 31 Aug 2021 | BUSINESS SALE
Tavistock has completed the £40 million sale of its asset management division Tavistock Wealth to Titan Wealth Holdings. The deal values the business at around a 7.2x multiple of its £5.5 million revenue for the year ending March 30 2020, on which it generated post-tax profits of £2.3 million.
An agreement for the deal was first announced in June 2021, at the same time that Titan Wealth Holdings was launched by private equity houses Ares Management and Maven Capital Partners and agreed a ten-year strategic partnership with Tavistock.
Titan is looking to grow to between £20-£30 billion in assets under management (AUM) through acquisitions over the next five years. Tavistock Wealth, which has around £1 billion in AUM, was announced as one of its first two acquisitions, alongside Global Prime Partners. The deal was approved by Tavistock shareholders last month and by the FCA earlier in August.
Titan’s joint CEO James Kaberry and Andrew Fearon said: "We are very pleased to have completed the acquisition of Tavistock Wealth. We value the strong relationship we have built with Tavistock and look forward to working closely with them.”
“Tavistock Wealth will be renamed Titan Asset Management. John Leiper will continue in his role as chief investment officer, overseeing a well-established team who have an excellent investment track record, and who will play a key part in the roll-out of Titan Wealth's central investment proposition that is being launched for both large and smaller IFA groups."
Tavistock CEO Brian Raven added: "We are pleased to have completed this transaction which endorses our corporate strategy. Our partnership with Titan Wealth will enable us to accelerate our growth plans and deliver maximum value to our shareholders. We also look forward to continuing to work closely with the highly successful investment team at TWL."
Find businesses for sale here.
If you are looking for an exit, we can help!
The Practice was established by the two present Partners in 1983. The Partners wish to retire although they are prepared to discuss individually proposals to continue working for an agreed time after disposal to assist with the transfer of the goodw...
This is a well-established, modern and progressive LTD Solicitors’ Practice based in the Rhondda Cynon Taff area, servicing Aberdare, Pontypridd, Talbot Green but also Cardiff and nationally. It is worth noting that they are Lexcel accredited and hav...
This Practice is situated virtually in the centre of this market town which has a population of around 17,500 and is on the main line rail network which connects through Plymouth, Exeter, Taunton and Bristol to Reading and London. This is a practice...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.