Travers Smith advises TA Associates on investment into Fairstone Group

Overview

Travers Smith LLP has advised long-standing client TA Associates on the completion of its investment in Fairstone Group, which incorporates one of the UK's largest chartered financial planning firms, having had all regulatory approvals granted last week. TA Associates invested alongside existing investor Synova Capital, which first invested in Fairstone Group in 2016.

TA Associates will acquire a significant stake in Fairstone Group and Synova Capital will also retain a stake in Fairstone Group following the transaction. As a demonstration of their confidence in the new partnership and the vision for the future, the entire senior management team of Fairstone are re-committing and taking the opportunity to invest a significant proportion of their capital back into the business. Current funders Alcentra has also increased the scale of the acquisition facilities available to Fairstone Group.

Founded in 2008 and headquartered in Newcastle, Fairstone Group encompasses 380 regulated advisers throughout the UK and oversee more than £10.6 Billion in funds under management on behalf of 34,000 wealth management clients.

The business completed 10 acquisitions in 2020 and expects deal volumes to rise in the coming years to support its aspirations for expansion.

Lee Hartley, Fairstone CEO: “We are delighted to have worked with Travers Smith during this market-leading transaction. Finalising a deal of this scale and within the timescales we set is indeed credit to the expertise and capability of all professional advisers who were involved. It is testament to the agility of the parties concerned that we were able to complete such a complex transaction so proficiently and in an entirely remote environment.”

The Travers Smith team was led by Private Equity & Financial Sponsors Partners Paul Dolman and Adam Orr and also included Senior Counsel Alex Dixon, Senior Associate Matt Powrie, Associates Hattie Langworth, James Ravden and Niki Mavronicola, and Trainee Jack Meegan. Finance advice was provided by Finance Partner Donald Lowe, assisted by Associate Michael Leadbeater. Tax advice was provided by Tax Partner Hannah Manning, assisted by Associates Thomas Margesson and Aimee Hutchinson. Regulatory advice was provided by Tim Lewis, Samuel Brewer and Alice Hallewell. Incentives advice was provided by Partner Mahesh Varia and Associate Hugo Twigg.

TA Associates was also advised by Evercore (financial adviser).

Fairstone was advised by KBW (financial adviser), Proskauer Rose (legal adviser) and management were advised by Wyvern Partners.

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