Financial advisory firm on acquisition trail after secondary MBO completes

Nottingham-based Wren Sterling has announced that its secondary management buyout has completed, following approval from the Financial Conduct Authority.

In July 2021, Wren Sterling agreed terms on a majority investment from investment funds affiliated with Lightyear Capital LLC (Lightyear) to complete a management buyout from Palatine Private Equity and shareholders.

Lightyear is a New York-based financial services-focused private equity firm with sector expertise in asset and wealth management.

The deal will see Wren Sterling’s management team and staff remain in place. The business now has more than 200 employees and says it intends to extend its office network through acquisitions.

Wren Sterling was created following a management buyout of Towergate Financial led by Ian Darby and supported by Palatine Private Equity in March 2015, and the intervening six years has seen Wren Sterling double its assets to £4.7bn under management and “substantially” increase its profitability.

Ian Darby, Wren Sterling’s executive chairman said: “We are all delighted that we have been given the green light to proceed. It marks the start of an exciting new chapter in the history of Wren Sterling and, with Lightyear’s backing, the management team can now deliver on our growth plans, while investing in continually improving our client service and developing our talent.

“This deal is a fantastic result for Wren Sterling’s shareholders including our former investor, Palatine Private Equity, clients and employees.

“Lightyear has significant experience in our market, which will complement the ability of Wren Sterling’s management team to continue to build a successful financial advice business in the UK.”