Palatine Private Equity-backed Wren Sterling has completed a deal with Corimar Holdings Ltd to purchase the assets of Frobisher Capital Ltd, an independent financial advisory business based in Woking.
The deal will add around c.£68m of assets to Wren Sterling’s assets under advice. The price is undisclosed.
Ian Halley, Wren Sterling’s CEO, said: “Frobisher Capital is a great business with a loyal client bank, so I’m delighted to welcome their clients to Wren Sterling. I know that our service will provide continuity and expertise for them and their families.”
On Wren Sterling’s acquisition strategy, Halley added: “This is our fifth acquisition and it fits with our strategy of growing the business organically whilst augmenting this approach with the purchase of businesses with high quality assets.”
Andy Strickland, senior investment director at Palatine Private Equity, said: “This strategic acquisition will add further scale to the Wren Sterling business, which now has £3.6bn worth of assets under advice.
“Through both strong organic growth, as well as a successful buy and build strategy, Wren Sterling has performed extremely well since our initial investment, which which is testament to the great work being done by Ian and the rest of the management team.”