Palatine private equity backs secondary buyout of WEALTH at work

Palatine has provided equity funding, alongside the management team led by CEO David Cassidy, to acquire the business from LDC who originally backed the management team in 2009.  LDC has retained an interest in the business.

The WEALTH at work offering is unique in that it is designed specifically for the workplace and offers a complete education and wealth management service which is delivered by a team of specialists. Its client base spans a number of sectors and includes major FTSE employers including BT, BP and Marks & Spencer as well as a number of leading financial services companies.  The company has educated over 30,000 employees covering a range of subjects from pension limits for high earners to share scheme diversification and redundancy to retirement planning.

Gary Tipper, Ed Fazakerley and Beth Houghton made up the deal team for Palatine with Tipper and Houghton joining the WEALTH at work board. Palatine will work with the management team in identifying acquisition opportunities as well supporting the continuing organic growth of the business.

Andy Westbrook from Deloitte provided corporate finance advice with Chris Heatlie from BDO carrying out the financial due diligence. Rebecca Grisewood and Kate Richards from Gateley provided legal advice to Palatine whilst Jonathan Robinson from Eversheds and Stephen Devlin from DLA advised LDC and management respectively. Commercial due diligence was carried out by Edison Investment Research with Marsh undertaking insurance due diligence.

Gary Tipper, Managing Partner, Palatine Private Equity, said: “We are all looking forward to working with David and the team. Regulatory change and the need for employers to drive more employee engagement is driving demand for  WEALTH at work services. This is creating significant opportunities both organically and via strategic acquisition in a fast changing market.”

David Cassidy, CEO, 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. I very much look forward to working with Palatine and further developing our offer to clients delivering innovations and setting new standards of best practise. We would also like to take this opportunity to thank LDC for the support they have provided to us over the last two years, during which time we have grown the business significantly.”

Catherine Houghton, Investment Director, LDC, said: “WEALTH at work has developed a strong position in its market with a reputation for excellent service. With additional growth funding, the business has the opportunity to turbo charge its development. LDC are very excited about the prospects for the business and we wish the management team every success in the next phase of development.”

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