The combined business will have over £20bn of assets. Towry has more than £9 billion of client assets, 85% of which are managed under discretionary investment mandates.
Palamon said that the sale will result in total returns of 13 times invested capital.
Daan Knottenbelt, Partner at Palamon, said:
“It has been a tremendous experience to have executed a transformational growth strategy that saw Towry develop from a single office in Marlow with £5 million of revenue to become a leading national wealth manager with £120 million of revenue and more than £9 billion of client assets. This is another highly successful Palamon investment that demonstrates the power of our thesis-led strategy to identify, and invest into, long-term growth trends. We are delighted that the sale of Towry will deliver another break-out return of 13x for our investors. Our thanks go to the Towry management team and Board, who have executed the M&A plan to perfection and fulfilled the potential of this remarkable investment.”
Rob Devey, CEO at Towry, added:
“This sale is the culmination of our hard work over the last two years to complete the transformation of Towry to make it one of the national leaders in the UK wealth management sector. It has been a pleasure to have worked closely with Palamon over this period, during which we more than doubled the EBITDA of the business whilst driving strong improvements in client satisfaction. Towry and Tilney Bestinvest are an excellent fit with both firms having highly skilled teams that provide top quality financial planning and investment management services to clients. Moving forwards the combined business will be able to offer an even wider range of services for clients and career opportunities for employees in all parts of the UK.”
