Xafinity, which provides pension administration services including SIPPs, has been bought by a US private equity firm for an undisclosed sum.
Advent International, a private equity manager with around $24bn in capital, this morning confirmed it has bought the firm.
Xafinity was already owned by another private equity firm called Duke Street, which supported its acquisition of SIPP specialist Hazell Carr.
Advent International will provide Xafinity with capital to fund a pipeline of acquisition opportunities.
Tim Robinson, chief executive of Xafinity, says: "We have significant ambitions for the development and expansion of Xafinity domestically and overseas.
"The sector expertise, funding and supportive approach that is the hallmark of Advent International will help us achieve these ambitions and accordingly make Xafinity an even stronger company."
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