3i group has sold its stake in Bestinvest to private equity firm Permira.
The sale of 3i's majority stake in Bestinvest, which is subject to FCA change of control clearance, is expected to generate total proceeds of approximately £45m
Proceeds to 3i of approximately £25m will represent a £19m uplift over the June 2013 value.
The transaction is expected to complete in the first quarter of 2014.
Bestinvest chairman Mike Covell said: "We are hugely grateful for the support that Bestinvest has received from 3i under its period of ownership which has seen the business develop very successfully over the last few years.
"As we enter the next phase in our growth, I am delighted that we do so with complete continuity of the senior management team and with the Permira funds, who we have known for several years, as our partner."
3i partner Ian Lobley said: "During 3i's investment, Bestinvest has been transformed as a business and continued to grow, despite some challenging times in the financial markets. Today Bestinvest has around £5bn of funds under management and a strong reputation in the industry.
"As Bestinvest enters a new phase of development we thought now was the time for us to realise the value created with the management team and introduce a new partner to support the company's future growth."
Staying invested could prove lucrative
Consider lasting powers of attorney
Less environment, more governance threatens to undermine firms' green credentials
Evidence your compliance