Thu, 17 Feb 2011 | MBO/MBI
Brewin Dolphin has sold its investment banking division in a management buy-out deal in order for it to focus on becoming a pure investment manager.
The business is being bought by N+1, a European asset management company located in Spain, in a deal worth £5 million.
The deal includes a 14 per cent holding in the new venture, which is valued at £4 million, and £1 million in cash. A total of 65 staff will be transferred as part of the deal. The new group is to be called N+1 Brewin.
Still subject to regulatory approval from the Financial Services Authority, it is expected the deal will be finalised in September.
N+1 Brewin is to be headed by Graeme Summers, who managed the divested investment banking division, after having joined Brewin Dolphin in 1990.
“It’s exciting times for the team. Brewin Dolphin has been a very good home for us for the past 20 years. There’s been a natural parting of ways, moving of the businesses in different directions,” Summers said.
“We’ll be moving towards a partnership with a highly successful international partner that has very complementary skill sets to what from the outset we were trying to achieve in this process.”
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