A private equity firm has put £8m behind North West of England planners Ludlow Wealth Management to back a management buyout of the business.
The IFA, which is headquartered in Southport and has over £850m in assets under management, has received support from Mobeus Equity Partners for the deal.
Founder Sid Ludlow will take a step back from the day-to-day running of the business – which will now be led by managing director Ian Hemingway and business development director David Hardman – but retains a minority stake.
Former Threesixty boss Phil Young will come into the business as chairman as Ludlow looks to expand its five regional office network.
Young says the firm is looking to build on the 12 acquisitions it made between 2008 and 2013.
Young says: “The timing of this deal is perfect for everyone concerned. The advice sector is full of M&A activity and the booming retirement market means that will continue for some time to come.
“We want the clients, advisers and staff of Ludlow to reap the rewards from this deal, as well as investors. We want it to be a great place to work for advisers, as that will be key to our future growth.”