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Private equity firm buys majority stake in adviser

Private equity firm buys majority stake in adviser

A private equity firm has bought a majority stake in financial advice firm SPF Private Clients for an undisclosed sum.

Cabot Square Capital has appointed two of its employees to the board of SPF Private Clients as part of the deal.

Mark Harris, chief executive of SPF, said: "We are delighted to have Cabot on board as a shareholder in the business. We are already working on a number of exciting opportunities to develop and enhance the SPF proposition for our clients and business partners."

As part of the transaction, Savills sold its minority stake is SPF while agreeing to a long-term financial services agreement that will mean SPF will continue to provide financial services to it.

SPF was founded as Savills Private Finance in 1997 and was the financial services arm of global real estate firm Savills.

The business was subject to a management buy-out in 2011 and rebranded to SPF Private Clients.

It currently provides mortgage and general insurance broking services as well as financial advice and wealth management from its six offices around the country.

Cabot Square Capital describes itself as a "leading provider of investment capital for small and mid sized companies in the UK and Western Europe".