Private equity firm WestBridge has taken a majority investment for an undisclosed sum in East of England-based Financial Planning firm Beckett Investment Management Group.
Beckett was established in 1988 and has offices in Bury St Edmunds, Norwich, Ipswich and Lowestoft.
The majority share in the firm was previously owned by the Foresight Group which invested in Beckett in 2021.
With Foresight’s support, Beckett grew from £0.8bn to £2.1bn AUM and expanded client numbers to more than 5,000. Foresight said it will partially reinvest in the firm to continue its support through Beckett’s next phase of growth.
Beckett is a financial advice firm which offers a range of services including investment planning, retirement strategies, wealth management and employee benefits solutions.
Beckett is led by CEO Gavin Wood, alongside executive chair Ian White, who will continue to support the team as non-executive chair following completion.
Peter Barkley and Luke Gilbert from WestBridge will join the Beckett board as directors, and Madeleine Finn will become a board observer and co-ordinate value creation initiatives.
Luke Gilbert, senior investment manager at WestBridge, said: “Beckett epitomises the type of business WestBridge looks to back. Its growth to this point has been characterised by culture-led and organic-first initiatives, which will continue to be the fundamental pillars of its expansion plan. This approach has enabled Beckett’s eight successful add-on acquisitions since 2020.”
He said there was significant organic momentum in the business, strong data capabilities, a leading culture and proven M&A track record.
Gavin Wood, CEO of Beckett, said: “The Beckett team has had a great time working in partnership with Foresight over the last five years. We want to build upon this success and continue to attract the best local talent.”