The US private equity giant behind Addison Lee is expected to unveil a swoop on Aim-listed Harwood Wealth Management Group tomorrow amid ongoing consolidation across the financial planning sector.
Carlyle Group, which has held a majority stake in Addison Lee since 2013 and which also bankrolled Taylor Swift’s former record label, has reportedly struck a £100m deal for Harwood, a price in line with the company’s market capitalisation at the close on Friday.
Over the past two months, shares in Harwood have surged by 24pc.
According to Sky News, which reported the acquisition, the deal will be unveiled when the London Stock Exchange opens tomorrow morning. Evercore Partners was said to have advised on the deal, although declined to comment.
Harwood Wealth Management, which was created through the merger of Compass Wealth Management and Wellian Investment Solutions, and which floated in 2016, has been growing through a number of bolt-on acquisitions in recent years.