Carlyle snaps up wealth manager Harwood in £100m deal - EpicNews

One of the world’s largest private equity groups is to buy the AIM-listed financial planner Harwood Wealth Management Group for about £100m.

Sky News has learnt that Carlyle, which owns businesses in Britain including Addison Lee, the minivan operator, and MyDentist, the dentistry chain, has struck a deal to buy Harwood.

Sources said that the takeover would be announced to the London Stock Exchange on Monday morning.

It is expected to value Harwood, which has about £5bn in assets under management or influence, at about £100m.

The deal is understood to have been identified by Carlyle as a platform to build a much larger wealth manager by leading a new wave of consolidation in the sector.

It will trigger payouts to Harwood Wealth shareholders including the namesake investment manager Harwood Capital.

One person close to the situation said the price that Carlyle was paying would not include a significant premium to Friday’s closing share price following a strong recent surge in Harwood Wealth’s stock.

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Carlyle’s interest in a takeover comes after a string of takeovers and flotations involving other private wealth managers in the UK.

Harwood Wealth Management Group was created in 2016 through the merger of Compass Wealth Management Group and Wellian Investment Solutions.

Wellian was acquired immediately before the group listed on London’s junior AIM market.

Evercore Partners, the investment bank, is advising Harwood on the deal.

A spokeswoman for Harwood declined to comment on Sunday, while Carlyle did not respond to several requests for comment.