21/07/2021. Wren Sterling is pleased to announce that it has secured a majority investment from investment funds affiliated with Lightyear Capital LLC (Lightyear) to complete a management buyout from Palatine Private Equity and shareholders, subject to FCA approval. Terms were not disclosed.
Lightyear is a New York-based financial services private equity firm with a dedicated focus on asset and wealth management.
The deal will see all of Wren Sterlingâs management team and staff remain in place, with a remit to continue to grow the business through organic growth and targeted acquisition, supported by Lightyear.
Wren Sterling was created following a management buyout of Towergate Financial led by Ian Darby and supported by Palatine Private Equity in March 2015 and the intervening six years has seen Wren Sterling double its assets to ÂŁ4.6bn under management and substantially increase its profitability.
Ian Darby, Wren Sterlingâs Executive Chairman said: âWe have secured a fantastic deal for Wren Sterlingâs clients, shareholders and staff. It will provide a return for our investors, enable us to grow our business and continue to invest in our client service.
âLightyear will bring years of expertise in growing financial advice businesses, plus the capital we require to help us grow Wren Sterling, so theyâre an ideal partner for us.
âPalatine has been a hugely supportive owner over the last six years. Through the management teamâs hard work and Palatineâs guidance, weâve created a dynamic business that is helping many people across the UK to make the right financial decisions.
âWren Sterlingâs management team led by Chief Executive Officer, Ian Halley, advisers and staff deserve huge credit for their commitment and professionalism over those years and Iâm looking forward to the next stage of our growth.â
âWe are excited to partner with Ian Darby and the talented management team at Wren Sterling to support their continued success through organic growth and future acquisition opportunitiesâ said Mark F. Vassallo, Managing Partner of Lightyear.  âLightyearâs investment in Wren Sterling will build on our successful track record in wealth management and reflects our longstanding thematic focus on the growth of independent financial advice.â
Media contact: Nick Moules, Head of Marketing, Wren Sterling
07738 548 302 / nick.moules@wrensterling.com