Self-invested pensions provider Hornbuckle Mitchell has sold a 60.34% controlling stake in the business to two new private investors.
Multiple small dormant shareholders will leave the ownership group and all executive shareholders will continue to retain their full holdings.
The transaction has received formal Financial Conduct Authority (FCA) approval but is subject to standard closure conditions between the parties which will be completed shortly.
As a result of the deal, Richard Wohanka, the new single largest shareholder, will become non-executive chairman, and Phil Smith will become chief executive officer.
Current managing director David White (pictured) will continue as both a board member and senior executive, with his focus moving to key client relationships and technical development.
The executive management team will be completed by the appointments of Tim O'Connor as managing director, proposition & distribution, and a new appointment to the role of managing director, operations and process.
Wohanka said: "Hornbuckle Mitchell has the right critical mass, the right expertise and the right distribution partners to continue to win in the retirement market. We will augment what it already does well, and invest in all of the facets which make a great business - client service, technology and process, product innovation, and people."
Smith, chief executive, said: "This is a fantastic time to be investing in the UK retirement market, and I am delighted to be joining Dave White and his management team to take this business forward.
"We all see unparalleled consolidation, diversification and growth opportunities for the best independent providers in this market in the medium term and we fully intend to play a leading part in each of these dimensions."
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Report to be written by TPR
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