Fast-growing Financial Planning firm Shackleton, formerly the Skerritts Group, has been taken over by New York-based private equity firm Lee Equity Partners, which has taken a majority investment in the firm.

The amount and terms of the investment have not been revealed and the deal is subject to regulatory approval.

Lee Equity will succeed Shackleton’s current private equity investor Sovereign Capital Partners which first invested in Skerritts in March 2021.

Since Sovereign’s investment, the business has made 18 acquisitions to expand its footprint across the UK and establish itself as a nationwide financial advice group.

The Skerritts Group rebranded to Shackleton in December 2024, uniting its founding firms under a single brand, positioning it as Britain’s financial adviser.

Lee Equity said its investment will support Shackleton’s strategic ambitions as it continues to capitalise on strong organic growth momentum and opportunities arising from industry consolidation.

Paul Feeney, chief executive of Shackleton, said: “We launched the Shackleton brand late last year with the vision of becoming Britain’s financial adviser, by providing trusted, fair and affordable financial advice to people right across our nation.

“We are one step closer to achieving that vision today as we welcome our new private equity partners. With Lee Equity’s backing we have secured very significant international investment.”

Danny Rodriguez, partner at Lee Equity, said: “We have a long track record of investing in, and supporting, leading wealth management businesses, and we believe Shackleton is uniquely positioned to capitalise on the growth opportunity in the UK market.”

Founded in 2006, Lee Equity is a New York-based private equity firm that partners with businesses in the financial and healthcare services sectors.

Andrew Fisher, chairman of Shackleton, said: “I would like to thank Sovereign for all their support over the last four years. Since 2021, with Sovereign’s investment, we have grown rapidly through organic and acquisitive growth, strengthening our presence across the UK.”

Shackleton manages £7.2bn of assets under advice and management and has a team of more 400, including more than 100 advisers. It has offices in 23 cities nationwide.

It has been busy expanding in recent times.

In April it launched a personal injury and Court of Protection division following its acquisition from the Irwin Mitchell Group of £1.4bn AUM IM Asset Management.

In March it acquired Richmond-based PK Financial Planning, including PK Employee Benefits and discretionary fund management arm PK Wealth.

Other acquisitions in recent years include Ellis Bates and Black Swan.