Cinven lands deal for UK wealth manager True Potential
September 10, 2021
Cinven has agreed to acquire a majority stake in UK wealth manager True Potential. The price of the deal was not disclosed, but Sky News previously reported the takeover could value the company at up to £2 billion.
- The valuation is short of the £2.5 billion the company was said to be seeking from a special-purpose acquisition company set up by French billionaire Bernard Arnault.
- Newcastle-based True Potential was backed by FTV Capital in 2016, but the firm exited part of its stake to the company in 2019.
- Founded in 2007, True Potential offers advice, fund solutions and an investment platform to over 1.4 million retail clients in the UK. It's expected to have more than £20 billion in assets under management by year end.
Tags:
Join the more than 1.5 million industry professionals who get our daily newsletter!