Finli buys £815m AUA Scottish Financial Planner
Wealth manager Finli Group, formerly Solomon Capital Holdings, has acquired Scottish Chartered Financial Planners Clark Gillone for an undisclosed sum.
The firm was set up in 1998 and is led by directors David van der Hoeven and Graham Lennox.
Finli said the acquisition – its 15th - will expand its national presence while providing key regional coverage of Scotland.
Clark Gillone’s 11 advisers and 35 staff will join Finli, and the deal will add £815m AUA to the group. Clark Gillone has 3,000 individual clients.
After the deal Finli will grow to 89 advisers, 329 employees, around 15,400 clients and £3.4bn AUA.
The acquisition was supported through a new debt facility from private credit fund TDC LLP which has been put in place to support Finli’s buy-and-build strategy.
Finli Group was established in 2021 under the name Solomon Capital Holdings by former Quilter Financial Planning CEO Andy Thompson and CFO Darren Sharke.
Its objective is to become a prominent Financial Planning firm and to date Finli has acquired two foundation platforms - Beaufort Group and Gale and Phillipson - as well as five regional hubs and eight smaller acquisitions.
The Finli Group also owns You Asset Management, an investment management company with £2.2bn in FUM.
Andy Thompson, chief executive at Finli, said: "This is a key step in expanding our presence across the UK, particularly in Scotland. Clark Gillone is a high-quality business with a hugely successful team led by David and Graham. This new development has been facilitated by our collaboration with TDC LLP.”
David van der Hoeven said: “This move marks a key development for Clark Gillone, as we seek to advance our services and utilise innovative tools and strategies as part of the Finli vision.”
Finli is backed by private equity firm JC Flowers & Co. The firm has invested more than $18bn (£14.7bn), including co-investment, in 66 portfolio companies in 18 countries across a range of industry sub-sectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. It has $4bn (£3.15bn) of AUM.
JCF and Finli were advised by Many Waters Capital (debt advisory), Proskauer (legal), Freeths (legal due diligence) and Grant Thornton (financial and tax due diligence). TDC was advised by Pinsent Masons (legal).
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