Equistone Partners Europe has completed a management buyout of financial education and wealth management provider Wealth at Work.
The £50 million buyout from Palatine Private Equity means that Equistone has a majority stake in Wealth at Work.
Palatine retains a minority stake in the financial services firm, alongside Equistone and the management team.
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The transaction was led by Equistone partners Steve O’Hare and Dominic Geer, who will serve as non-executive directors on Wealth at Work’s board.
David Cassidy (pictured), chief executive of Wealth at Work, said: “This new significant investment into Wealth at Work will allow us to continue to grow quickly and therefore meet the rapidly increasing demand for our services, which are now used by a number of the largest companies in the UK.”
O’Hare added: “Regulatory change and increased pressures for employers to boost engagement with staff is driving demand for services at Wealth at Work. Pension schemes can be highly complex and given the new flexibilities and choices, it is more important than ever that employees are guided in the right direction.
“The business is well placed for continued organic growth and we will also look at strategic acquisition opportunities over the coming months.”