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Tilney Bestinvest in £700m Towry takeover bid

Devey_Rob_Towry_2015

The private equity firm behind Tilney Bestinvest is planning a £700m takeover deal of rival wealth manager Towry.

The Sunday Times reports Permira is “aggressively pursuing the deal”, which would see a combined group with assets under management of £18bn.

Tilney Bestinvest is understood to have denied claims that it is involved in a bid for Towry. Towry is also said to have held talks with private equity firm Bain Capital over a possible sale.

Towry employs 900 people while Tilney Bestinvest has 400 staff.

Sources have estimated the deal to be worth between £600m and £700m, meaning a windfall for Towry staff who hold an equity stake in the business.

Towry abandoned plans to float in December, with private equity back Palamon Capital Partners said to be eyeing a sale this year.

Towry has expanded through several acquisitions in recent years, buying Ashcourt Rowan for £120m in March last year and acquiring Baker Tilly in 2014.

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