Foster Denovo|News & blogs|News|Foster Denovo gets £100m PE backing to build national advice firm

Foster Denovo gets £100m PE backing to build national advice firm

London-based advice firm Foster Denovo has received £100m in backing from private equity firm Crestline, which it will use to scale the business into ‘one of the UK’s major national advice brands’.

The investment will be used to make a number of acquisitions around the UK, including a significant firm in the North West and the South West to be used as hub firms for the regions. These firms will then be given funding to make their own regional acquisitions.

Roger Brosch, CEO, told Citywire New Model Adviser the business has had three external acquisitions in the pipeline over the last year, but had been waiting to secure funding in order to progress them. The business is now aiming to complete these acquisitions in the second half of this year.

‘We’re currently predominantly South East-based, and we’re now looking to develop the business into a national geographical footprint that becomes one of the leading players in retail financial services.’

Read the article in full from Citywire New Model Adviser here.

You can also read Roger’s comments in Private Banker International   and Corporate Adviser.

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