Bestinvest acquired by the Permira Funds

Bestinvest, the UK wealth manager and online investment service, has announced today that it has agreed to be acquired by a company owned by the Permira funds for an undisclosed sum.

The transaction, which is subject to regulatory approval, is expected to complete in the first quarter of 2014.

Founded in 1986, Bestinvest is a UK private client investment group that is dedicated to investment research.

Bestinvest provides a broad range of services for private investors whether they choose to make their own decisions or require investment advice, financial planning and investment management.

Bestinvest’s clients trust it to look after some £5 billion of their assets.

As Bestinvest said, the Permira funds will back the firm’s plans to capitalise on the “advice gap” resulting from the Retail Distribution Review and will also help Bestinvest participate in the on-going industry consolidation.

Peter Hall, Chief Executive of Bestinvest, said: “The introduction this year of the Retail Distribution Review, which has replaced commission-based advice in the UK with transparent fees, has presented Bestinvest with an excellent opportunity for both organic growth and potential acquisitions.”

“With the banks withdrawing from the advice market and many investors baulking at fee levels, we are incredibly well-positioned to support investors both through our Online Investment Service, which is aimed at those who choose to make their own decisions, and our growing regional network of financial planners who can help those who do require a trusted adviser.”

Philip Muelder, partner at Permira, added: “Bestinvest is a fast-growing and award-winning company in the attractive UK wealth management market, providing a range of services to support clients across their whole lifetime whether they need advice, portfolio management or choose to make their own decisions.

“The business is in a strong position to play a key role in further industry consolidation and we look forward to backing Peter Hall, Mike Covell and their team in this exciting next phase of growth.”

Bestinvest and 3i were advised by Evercore and Macfarlanes. Permira were advised by Fenchurch Advisory Partners and Freshfields Bruckhaus Deringer. Bestinvest’s management were advised by Jamieson Corporate Finance and DLA Piper.

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