Acquisition & Fundraise: UK IFA consolidator makes its fourth acquisition
Kinetix advised UK based wealth management firm Chester Rose Financial Planning, on its acquisition of Bespoke IFA.
The acquisition adds £250 million in assets under advice to the firm, bringing Chester Rose’s total assets under advice to £900 million and further demonstrating Chester Rose’s intent to become a major force in the UK’s independent financial advice market.
Set up by Ascot Lloyd founder Richard Dunbabin in 2020, this is Chester Rose’s fourth acquisition.
Bespoke IFA’s core team and its 500-plus clients will move to Chester Rose, while its CEO, Paul Francis, a former colleague of Dunbabin’s at Ascot Lloyd, is retiring.
Having funded previous acquisitions by equity, Chester Rose has arranged a Term Loan facility with OakNorth, a proven lender into the UK wealth management sector.
Richard Dunbabin, CEO of Chester Rose, said: “Having known and worked with Paul, we both knew our businesses have similar values and working practices, making both the acquisition and the post-acquisition integration easier. This acquisition is an important next step in our journey and demonstrates our ongoing commitment to building a firm not just of real scale but also of real substance. The addition of Bespoke IFA’s team, clients and assets further strengthens our foundation – and we look forward to supporting these clients with the same dedication and care that defines our shared approach.
This is the third transaction Kinetix has helped us on. As before, we really couldn’t have done it without them!”
Stewart Haworth, Senior Director of Debt Finance at OakNorth, commented: “We’re delighted to be supporting Richard and the Chester Rose team as they continue to build a leading independent financial advice business. Having supported a number of ambitious IFA and wealth management businesses over the years, we’ve developed a strong understanding of the sector and the opportunities for growth, particularly through consolidation. We see significant potential to do more in this space and are keen to continue backing experienced management teams with the flexible, bespoke funding they need to execute their growth ambitions. We look forward to supporting Chester Rose on the next stage of its journey.”
Ray Barrett, Partner of Kinetix Corporate Finance, said: “Having built a leading IFA business before with Ascot Lloyd, Richard is on his way to doing it again with Chester Rose. We are delighted to be able to help him once again. In OakNorth, Chester Rose has secured the backing of a very high-quality lender, who really knows the UK IFA space. OakNorth’s lending facility complements Richard’s already high-quality equity backing. We wish Chester Rose well as its continues to build a high-quality IFA of scale.”
View OakNorth Announcement Here - https://oaknorth.co.uk/press/chester-rose-bespoke-ifa-acquisition-finance/