Clearwater has provided sell-side debt advice to Palatine Private Equity (Palatine) and Wren Sterling, a leading independent financial advisory business, which supported its sale to US investor Lightyear Capital (Lightyear). The sale marks an exit for Palatine.
Established in 2015, Wren Sterling provides both private clients and corporates with a range of financial services including investment, financial planning and retirement advice. The business operates across the UK with offices based in London, Nottingham, Glasgow, Halifax, Warwick, Surrey, and Grantham.
Since Palatine’s investment, the business has seen strong growth at the firm, growing its assets under management significantly to €5.4bn (£4.6bn) and achieving a substantial increase in profitability.
Through Palatine’s expertise in buy and build strategies, Wren Sterling has completed eight bolt-on acquisitions during the investment period, including four in 2021, expanding its presence to seven offices across the UK.
Lightyear is a New York-based private equity business that specialises in investing in financial services businesses, with a dedicated focus on asset and wealth management. All of Wren Sterling’s management team and staff remain in place.
This is the second time Clearwater have worked with Wren Sterling, having previously advised the business on raising finance to support its acquisition plans leading to a successful sale process.
