US-based private equity firm Further Global Capital Management is to acquire a majority stake in expanding Financial Planner Progeny for an undisclosed sum, a move which may accelerate Progeny's expansion. 

New York-based Further Global Capital Management said today it would take a majority stake in the five-year-old Progeny business subject to regulatory approval.  

Progeny’s senior management team will stay in place to lead 230 staff. 

Both management and Progeny’s existing capital partner, LSG Holdings, will remain invested as significant shareholders in the company, the firm says.  

Further owns a number of financial firms including AA Insurance Services in Ireland and US business services firm Kroll. 

Chris Giles, formerly the chairman of PIB, a consolidator of insurance brokerage operations in the United Kingdom, will join Progeny’s board and investor group when the transaction is completed. The cost of the acquisition has not yet been revealed.

Progeny says the extra investment will help fuel "organic and inorganic growth."

Progeny plans to continue its existing acquisition strategy. The firm has has acquired several Financial Planning firms in recent years including Ayrshire-based Financial Planner Affinity in April as well as Chestergate, Evolve and Addidi. Progeny's Asset Management arm passed a milestone £1bn in assets under management in April thanks to growth in its centralised investment proposition (CIP).  

Progeny has eight offices across the UK, including London, Leeds, Edinburgh and Bucks. Services include Financial Planning, asset management, tax, HR and private and corporate legal advice and support.

Neil Moles, Progeny’s CEO, said of the private equity takeover of Progeny: “This marks an important and exciting milestone in the development of the business, allowing Progeny to continue its growth trajectory and accelerate our plans to become the best and most respected professional advisory firm in the UK. 

“Finding the right people to accompany us in this next stage of our evolution was crucial, which is why I am delighted to be partnering with Further Global. We spoke to a significant number of potential investors and found in Further Global a partner who understood and was aligned with our vision and ambitions. 

“The investment, along with the commitment of Progeny’s existing senior management team, means that we can continue to look after our clients in the manner to which they have become accustomed, by developing new products, constantly improving our service and placing them at the centre of our growth plans.

He added: “I am proud of the team we have assembled at Progeny, as every one of our now 230 team members has played a unique role in getting us to where we are today, just five years on from our launch date. We have created during this short period of time a business that is modern, inclusive and progressive and this is just the beginning.

Along with continued expansion, Progeny plans to continue investing in a number of areas such as technology, a data-led approach, scaling up of learning and development and communications and marketing. The Progeny Adviser Academy will continue to be a focus for increased investment.

Further Global Capital Management was founded in 2017 an is an employee-owned private equity firm investing in the business services and financial services industry. 

Max Baumrin, a partner at Further Global Capital Management, said: “We could not be more excited to be partnering with Neil and the entire Progeny team as they continue to build what we believe is rapidly becoming one of the UK’s best known and best managed professional advisory firms." 

• This is a breaking story, please check later for updates.