UK mid-market firm Inflexion Private Equity has bought a majority stake in Succession Holdings Limited, a UK-based wealth management business.
Financial details of the transaction were undisclosed. The firm typically invests in businesses with enterprise values of between £10 million (€12 million; $17 million) and £30 million, according to Private Equity International’s Research and Analytics division.
Succession was founded in 2009 and provides financial advice to private and corporate clients. Inflexion’s investment will support Succession’s management team in their plan to create the UK’s largest independent wealth management business through a buy-and-build programme. Inflexion will work with the incumbent management team to support the company’s consolidation strategy, according to a statement.
“We’ve been tracking Succession for three years, having been introduced to the company by its chairman,” Simon Turner, managing partner at Inflexion, said in the statement.
The deal marks Inflexion’s ninth investment from its latest fund, a £375 million, 2010-vintage. Inflexion declined to comment on how much capital is left in this vehicle.
Earlier this month, Inflexion sold Optionis Group, a UK employment services company, netting the firm a 3.5x return.
Last October, the firm backed CableCom Networking, an internet and digital media service provider which operates primarily in student accommodation across the UK, and CMO Compliance, a software provider for global corporations and regulators. Inflexion also acquired online travel company On The Beach from ISIS Equity Partners for £73 million the same month.