The acquisition of adviser Harwood Wealth Management by a US-based private equity firm has been given the green light to complete in a £90.7m deal.
In an announcement to the market this morning (March 9) the AIM-listed advice firm confirmed trading in its shares had been suspended after the deal got the go ahead last week.
On Friday the High Court approved the purchase, which has seen Harwood Wealth bought by Hurst Point Topco Limited - a newly created company funded by US private equity company Carlyle.
Harwood shareholders will be entitled to receive 145p for each share, valuing the entire deal at £90.7m.
The adviser first confirmed it had been approached about the take over in January, when it also disclosed an expected revenue of £33.6m for the year to the end of October 2019.
This was an increase on the £32.7m of revenue reported for the previous year and followed a string of acquisitions in recent years.
Harwood Wealth has bought more than a dozen advice firms in the past two years, including Andrew Routley Pensions in December 2019. At the beginning of the year the firm confirmed a further four agreed deals.
Alan Durrant, the company’s chief executive, told FTAdviser in June 2019 the main focus for his Hampshire-based firm when seeking acquisitions was the businesses it buys having recurring revenue, as this provides predictability.
rachel.mortimer@ft.com
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