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Towergate to reignite acquisition plans after £200m investment
by Alex Steger on Jan 31, 2011 at 11:19
National IFA Towergate Financial is poised to reignite its acquisition programme after its parent company secured a £200 million investment from global equity firm Advent International.
Towergate Partnership confirmed it had secured £200 million from Advent. Towergate chairman and founder Peter Cullum (pictured) said the investment would allow the company to 'reignite its acquisition programme'.
A Towergate spokesman added acquisitions would be made 'across the board', including by national IFA arm Towergate Financial. 'There are plenty of opportunities out there and the investment provides them with the funds with which to accelerate growth which has primarily been through acquisition,' he said.
Ian Darby, Towergate Financial’s chief executive, said: ‘We’ve been much more selective over the last year with the businesses we look at and we’ll continue to acquire where we see value. This investment is obviously helpful.’
He said the investment would not result in the company paying over the odds for firms. ‘Just because the group’s got this funding it doesn’t mean we are going to pay more,' he said.
Towergate Partnership chief executive Andy Homer said: ‘We will continue to invest across our business and maintain a strong focus on acquisitions, a strategy which has delivered significant value over the last decade.’
The Advent investment is conditional on Towergate Partnership raising new debt facilities and is expected to be completed by mid-February. Advent will acquire shareholdings in Towergate Partnership and related insurance consolidator Cullum Capital Ventures.
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