Investment firm and wealth manager Rathbones has bought South East financial planning firm Saunderson House in a £150m deal.
Buying 100% of the company's shares, Rathbones is to pay £130.2m in cash and £4.9m in new shares for the initial fee and £14.9m will be deferred. It is buying the financial planning firm from private equity house Epiris, which bought Saunderson House, alongside adviser platform and self-invested personal pension company James Hay, for £206m in 2019. Rathbones has also agreed to pay up to £7.5m in employee incentive plan awards "aligned to the value creation of the transaction" before the end of 2024. It will pay for the acquisition through internal cash resources and a proposed £50m ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
