FCA approves private equity bid for James Hay owner

Recommended cash offer

Julian Marr
clock • 1 min read

The Financial Conduct Authority (FCA) has given the necessary regulatory approval for the private-equity acquisition of IFG Group, the parent company of platform and SIPP operator James Hay and wealth manager Saunderson House.

In March, the board of IFG unanimously recommended the group's shareholders accept a cash offer from UK private equity firm Epiris - formerly known as Electra Partners - for £1.93 per ordinary share, which valued the business at approximately £206m. The acquisition, which was approved by IFG shareholders on 9 May, remains subject to the sanction of the High Court and the court hearing, where this will be sought, has been set for 27 August 2019. The deal has been structured so that IFG is bought by SaintMichelCo Limited, an indirect wholly-owned subsidiary of funds of which Epiris GP L...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

SJP refunds client's ongoing advice fees after absence of review

SJP refunds client's ongoing advice fees after absence of review

A total of £1,358 paid back following FOS decision

Isabel Baxter
clock 11 February 2025 • 3 min read
FOS to apply CMCs complaint fee from April

FOS to apply CMCs complaint fee from April

Charge of £250 will be applied to ‘make funding arrangements fairer’

Isabel Baxter
clock 07 February 2025 • 4 min read
FCA rejects all Blackmore Bonds complaints

FCA rejects all Blackmore Bonds complaints

Regulator writes to those who complained about the way it handled the case

Isabel Baxter
clock 06 February 2025 • 2 min read