Skerritts, a portfolio company of Sovereign Capital Partners, has been refinanced
Skerritts
Skerritts is an award-winning and vertically integrated independent financial advisor that provides independent financial planning and investment management-based services within the UK. Founded more than 30 years ago, the business now advises more than 10,000 private clients and caters to group schemes and corporate clients with the ambition to become Britain’s financial advisor. Skerritts now has over £5.5 billion in assets under management with more than 200 employees and 50 financial advisors. The business was acquired by Sovereign Capital Partners in 2021 and has grown considerably under Sovereign’s ownership, including 18 bolt-on acquisitions and significant investment in the operating platform and employee base.
The Deal
Lincoln International has orchestrated a competitive refinancing of Skerritts’ existing facilities, tapping into larger pools of capital to sustain the company’s successful acquisition pipeline.
Utilizing its in-depth sector knowledge, Lincoln aligned with both the company and investors’ objectives by optimizing the funding structure, improving economics and focusing on permitted acquisitions regime and incurrence test, which included evaluating synergies to craft a bespoke and appealing framework.
Despite facing significant time constraints due to the exchange and funding requirements of imminent acquisitions, Lincoln efficiently executed the refinancing within the necessary timeline. This achievement underscores Skerritts’ robust client-centric operating platform, strong compliance and governance in a dynamic regulatory landscape and its impressive management team along with a proven mergers and acquisitions strategy.
James Dargan, Investment Director at Sovereign Capital Partners, commented, “We have worked with Lincoln for a third time on a Skerritts refinance, given the transformational growth of the business over the last three and a half years. We tasked the Lincoln team with finding a debt partner who could scale the business to a top five UK wealth management firm in the next few years, as well as provide competitive pricing; Lincoln achieved on all counts! The work ethic and attention to detail shown by the Lincoln team was exceptional and they have been a key value-add advisor to the Skerritts story.”
Our Perspective
Aude Doyen, Lincoln International Managing Director who led the transaction, commented, “The wealth management sector continues to attract significant interest from investors. Our extensive involvement across numerous transactions in this sector allows us to remain particularly attuned to potential credit pitfalls. This expertise enables us to deliver attractive financing packages that contribute to growth acceleration. I am delighted that Lincoln has earned the trust of Skerritts for the third time and could not be prouder of the achievements the business has accomplished since Sovereign’s investment in 2021.”
I joined Skerritts to build Britain’s financial advisor and we needed a debt partner who could help us achieve that. That was the task we set Lincoln and they certainly delivered. They spent time to really understand our strategy, and then they worked tirelessly to match us with a debt partner who could support our strategy. Ten out of ten.
Meet our Senior Team
I build trust with clients by putting their interests first at all times.
Aude Doyen
Managing Director & Co-head of Capital Advisory, Europe
London
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Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.