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3i sells majority stake in Bestinvest to Permira

by James Phillipps on Nov 06, 2013 at 14:22

3i sells majority stake in Bestinvest to Permira

Private equity group 3i has sold its majority stake in Bestinvest to Permira for an undisclosed sum.

The stake sold by 3i and others funds generated total proceeds of £45 millon. 3i will receive proceeds of around £25 million, which it says is a £19 million uplift to the wealth manager's June 2013 valuation.

The private equity group bought a stake in Bestinvest in August 2007 and claims credit for bringing in chief executive Peter Hall and chairman Mike Covell as part of a wider management restructure.

It also helped develop a period of investment in the business, led by Hall (pictured), which included relaunching its online service and creating a national adviser network through the initial acquisition of Haines Watts Financial Services in 2010. 

Ian Lobley, a partner at 3i, said: 'During 3i’s investment, Bestinvest has been transformed as a business and continued to grow, despite some challenging times in the financial markets. 

'Today Bestinvest has around £5 billion of funds under management and a strong reputation in the industry. As Bestinvest enters a new phase of development we thought now was the time for us to realise the value created with the management team and introduce a new partner to support the company’s future growth.'

Hall added: '3i has been a strong and committed partner for Bestinvest and we are hugely grateful for their support.  Together we have been able to successfully develop the business to a stage where we are widely recognised as a major beneficiary from the changing regulatory landscape and are exceptionally well-positioned for future growth.'

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