The FCA has given the necessary regulatory approval for London private equity firm Epiris to acquire James Hay parent, IFG Group.
The board of IFG Group agreed to a cash offer from Epiris in March.
The deal valued IFG at around £206m and will see its entire share capital sold to Epiris.
IFG owns Sipp operator and platform James Hay and wealth manager Saunderson House, which serves around 2,400 clients.
In a stock exchange announcement this morning, the FCA confirmed IFG’s sale to SaintMichelCo Limited – an indirect and wholly owned subsidiary of funds of which Epiris is the general partner – was approved yesterday.
Following the regulator’s sign off, the group says the completion of the acquisition will occur “as soon as practical.”
Revenues and assets have picked up at both James Hay and Saunderson House this year following difficult legacy problems.
Last year, James Hay told Money Marketing it was reviewing all of its older products after the issues with Elysian Fuels.
James Hay chief executive Alastair Conway says: “We are delighted that the latest step in the change of ownership has been completed.
“Following this, we look forward to sharing our thoughts on the next part of our journey and the positive effects this will have on advisers and their clients.”
Saunderson House assets were up 4.8 per cent in Q2 from 31 December 2018 following IFG’s attempts to sell it off early last year.
The sale was subsequently abandoned last April after IFG said the offers to buy the business could create more risk for its shareholders.