Private equity-backed Quanta Group, the owner of the Wealthtime platform, is to acquire expanding Financial Planning firm Craven Street Wealth.

Quanta Group is using private equity funding from Anacap to make the acquisition.

Quanta Group, which includes Wealtime’s platforms and DFM Copia Capital, will take a majority stake in Craven Street Wealth as part of the deal.

The cost of the acquisition has not been disclosed.

Quanta Group says the deal is the “next step” in its long-term strategy to broaden its wealth management proposition beyond platforms and discretionary fund management.

The acquisition will support Craven Street Wealth’s plans to build the business through further acquisitions and organic growth. Craven Street has itself acquired several advice firms in recent years.

Craven Street Wealth is a Southern-based based Chartered Financial Planning business and was launched in 2021. It has a 90 strong team consisting of 30 Financial Planners and manages client assets of about £2bn for over 3,500 clients.

Craven Street has offices in London and five other locations in the South.

Quanta Group itself is responsible for client assets of £18bn.

Anacap says it has “very ambitious plans” in the sector and will back the growth of Craven Street, including full integration of future acquired IFA firms.

Anacap says that the Craven Street Wealth, Wealthtime and Copia Capital companies will remain as separate businesses with separate management teams.

Quanta Group CEO, Patrick Mill, said: “We are committed to building a next-generation financial services group that delivers significant value to advisers and advised clients.

“We have already positioned the group for growth through our recent strategic partnership with Wipro and GBST to transform Wealthtime into a market-leading, digital-first platform built around our customers, and our award-winning DFM Copia Capital, which provides advisers with differentiated custom portfolios.

“The acquisition of Craven Street Wealth further expands our offering to include independent financial advice and we look forward to supporting the team as it continues to grow, both organically and through further acquisitions.”

Craven Street Wealth managing director Tom Barnett will continue to lead Craven Street and will also join The Quanta Group Executive Committee following completion of the deal. 

Mr Barnett said: “In considering the next phase for the business, it was essential that we could find an investor completely aligned to our focus on providing high quality advice and solutions to clients for the long term, whilst also recognising the opportunities that arise from significant regulatory and technological change.”

In March last year Craven Street Wealth completed its acquisition of Punter Southall Aspire’s Financial Planning division, increasing its AUM by over £600m to £1.85bn.

Craven Street Wealth was established through the 2021 acquisition of Kreston Reeves Financial Planning and Christchurch Investment Management. It has grown since organically and through acquisitions, including the acquisition of Tarvos Wealth in 2022 and Bernard Barrett Associates in 2023.