Palatine Private Equity has backed the secondary management buyout of Wealth at Work, a leading provider of financial education and employee wealth management services in the workplace.
Palatine has provided equity funding, alongside the management team led by CEO David Cassidy, to acquire the business from LDC who originally backed the management team in 2009.
The Wealth at Work offering is unique in that it is designed specifically for the workplace and offers a complete education and wealth management service which is delivered by a team of specialists. Its client base spans a number of sectors and includes major FTSE employers including BT, BP and Marks & Spencer as well as a number of leading financial services companies. The company has educated over 30,000 employees covering a range of subjects from pension limits for high earners to share scheme diversification and redundancy to retirement planning.
Gary Tipper, Ed Fazakerley and Beth Houghton made up the deal team for Palatine with Tipper and Houghton joining the Wealth at Work board. Palatine will work with the management team in identifying acquisition opportunities as well supporting the continuing organic growth of the business.
Gary Tipper, Managing Partner, Palatine Private Equity, said: “We are all looking forward to working with David and the team. Regulatory change and the need for employers to drive more employee engagement is driving demand for Wealth at Work services. This is creating significant opportunities both organically and via strategic acquisition in a fast changing market.”
David Cassidy, CEO, Wealth at Work, said: “This new significant investment into Wealth at Work will allow us to continue to grow quickly and therefore meet the rapidly increasing demand for our services which are now used by a number of the largest companies in the UK. I very much look forward to working with Palatine and further developing our offer to clients delivering innovations and setting new standards of best practise.”