Wednesday, 19 December 2012 11:05
Towry raises £35m of equity for expansion plans
Towry has announced it has raised £35m of new equity to provide additional funding for its expansion plans.
The investment has been made by AlpInvest Partners BV and Honeywell Capital Management, co-investors of Towry's majority shareholder Palamon Capital Partners.
This investment is in addition to £47.5m of financing by Macquarie Bank and Royal Bank of Scotland earlier this year.
Towry said it expected the RDR would provide opportunities for it to increase its acquisitions and adviser recruitment.
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Palamon first invested in Towry in 2003 and since then Towry has made 10 acquisitions and increased its adviser base from 13 to 144. It has also grown assets under management from £250m to £4.6bn.
Andrew Fisher, chief executive of Towry, said: "We have exciting expansion plans as we see enormous opportunities arising from the RDR. The new capital raised gives us a solid base from which to execute our plans for further growth."
Daan Knottenbelt, partner at Palamon, said: "The support from such high caliber institutional investors is a testament to the strength of Towry's business model, its track record and its tremendous growth potential. We are delighted to continue our work with Towry's management as they continue to expand their presence in the UK wealth management sector."
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The investment has been made by AlpInvest Partners BV and Honeywell Capital Management, co-investors of Towry's majority shareholder Palamon Capital Partners.
This investment is in addition to £47.5m of financing by Macquarie Bank and Royal Bank of Scotland earlier this year.
Towry said it expected the RDR would provide opportunities for it to increase its acquisitions and adviser recruitment.
{desktop}{/desktop}{mobile}{/mobile}
Palamon first invested in Towry in 2003 and since then Towry has made 10 acquisitions and increased its adviser base from 13 to 144. It has also grown assets under management from £250m to £4.6bn.
Andrew Fisher, chief executive of Towry, said: "We have exciting expansion plans as we see enormous opportunities arising from the RDR. The new capital raised gives us a solid base from which to execute our plans for further growth."
Daan Knottenbelt, partner at Palamon, said: "The support from such high caliber institutional investors is a testament to the strength of Towry's business model, its track record and its tremendous growth potential. We are delighted to continue our work with Towry's management as they continue to expand their presence in the UK wealth management sector."
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