Thu, 19 Mar 2015 | MBO/MBI
Palatine Private Equity has completed an MBO of two London businesses in a deal worth £14 million.
The firm has bought both the mortgage broking business John Charcol and financial planning side of the Towergate Group. The £14 million deal was secured from insurance intermediary Towergate Group.
The deal represents an initial purchase price of £8.64 million plus funds for the financial separation of the two firms. Towergate Financial Planning is set to unveil a new brand in the next few weeks, while John Charcol will continue trading under its brand established over 40 years ago.
Palatine Private Equity backed Ian Darby in the MBO as well as the firm’s management teams.
Mr Darby said: “I am delighted to be able to lead this transaction to invest in a growing national financial advisory and mortgage broking business.
"They both employ some truly great people and we have an excellent strategy to develop and strengthen its routes to market through intelligent strategies and investment.”
Palatine Private Equity partner Tony Dickin added that the two businesses pose excellent opportunities in their respective sectors for growth. He concluded: “We very much look forward to working with Ian and the team in taking both businesses forward.”
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