Private equity investor Further Global Capital Management has bought a majority stake in advice firm Progeny, readying the firm for further acquisitions.
In a statement this morning (October 29), Progeny said it intends to continue its “clear and established acquisition strategy” following the investment.
Progeny’s senior management team will remain in place, and alongside the firm’s existing capital partner LSG Holdings, will remain "significant" shareholders in the firm.
Alongside the investment, Chris Giles, former chairman of insurance broker consolidator PIB, will join Progeny’s board and investor group
Neil Moles, chief executive at Progeny, said the deal marked an important milestone for the firm whose growth plans would benefit from the new "capital rich" ownership structure.
He said: “This [allows] Progeny to continue its growth trajectory and accelerate our plans to become the best and most respected professional advisory firm in the UK.
“The investment, along with the commitment of Progeny’s existing senior management team, means that we can continue to look after our clients in the manner to which they have become accustomed, by developing new products, constantly improving our service and placing them at the centre of our growth plans.”
Progeny plans to continue investing in its technology, learning and development, as well as marketing, while some of the investment will go towards the firm’s adviser academy.
Max Baumrin, a partner at Further Global Capital Management, said: “We could not be more excited to be partnering with Neil and the entire Progeny team as they continue to build what we believe is rapidly becoming one of the UK’s best known and best managed professional advisory firms.
“Having looked at this sector for a number of years now and having looked at a number of competing platforms, we could not be more impressed with the strength and cohesion of the business that Progeny has been able to build to date.”
In April Progeny bought Ayrshire-based financial advice firm Affinity for an undisclosed sum, continuing its expansion in Scotland.
The acquisition followed the firm's acquisition of Edinburgh-based Innovate Financial Services in 2019.
The deal saw the Innovate management team and staff join the Progeny group, in line with the wealth manager's ‘acquire to hire’ strategy.
Founded in 2017, Further Global Capital Management is an employee-owned private equity firm that makes investments in the business services and financial services industry.
Today's takeover deal is subject to regulatory approval.
sally.hickey@ft.com
