AnaCap Financial Partners (“AnaCap”), a leading financial services specialist mid-market private equity investor, today announces it has signed a deal for a third acquisition in the UK wealth management platform space with the purchase of Novia Financial (“Novia”).
Novia is the UK’s third largest independent investment and wrap platform by asset under management (“AuM”), having been established in 2008. It records an AuM figure of £8.15 billion and serves a client base of ~67,000 through more than 1,000 IFA firms. Novia operates one of the best technology offerings in the industry, spearheaded by its modern, adaptable and proprietary front-end.
Novia’s acquisition marks the third investment from AnaCap in the UK wealth management platform space and this news comes after AnaCap successfully signed Amber Financial Investments in July 2020 and Wealthtime in December 2019.
Across the three investments, AnaCap have now acquired almost £11 billion AuM and will continue to deploy its expertise in tech-enabled businesses and operational engagement to bolster the businesses organic expansion as well as continuing to identify attractive bolt-on acquisition opportunities.
AnaCap have signed 5 private equity deals in 2020 alone with a combined enterprise value greater than €500 million.
Nassim Cherchali, Partner for M&A at AnaCap, commented: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”
Bill Vasilieff, Chief Executive Officer at Novia, commented: “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies. We believe that AnaCap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”
The investment will be made from AnaCap Financial Partners III, L.P and its completion is subject to regulatory approval. Financial details and terms of the transaction were not disclosed.