Wealth advice firm Towry Group is eyeing further expansion after raising £35m of new equity from two co-investors of private equity firm Palamon - AlpInvest Partners and Honeywell Capital Management.
It follows the group securing £47.5m of financing in September from Macquarie Bank and Royal Bank of Scotland.
Palamon initially invested in the business in 2003 and Towry has since made ten acquisitions.
Following the initial investment, Towry has grown its adviser base from 13 to 144 and its assets under management from £250m to £4.6bn.
Andrew Fisher, chief executive of Towry, said: "We have exciting expansion plans as we see enormous opportunities arising from the Retail Distribution Review.
"The new capital raised gives us a solid base from which to execute our plans for further growth."
Daan Knottenbelt, partner at Palamon, said: "The support from high calibre institutional investors is a testament to the strength of Towry's business model, its track record and its tremendous growth potential."
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