MAJORITY STAKE IN SCOTTISH FINANCIAL PLANNING PLATFORM HAS BEEN SOLD TO PRIVATE EQUITY FIRM
Capital and Trust - March 29, 2022 - 0 minute read
A majority stake in Edinburgh based business Nucleus has been sold to private equity firm HPS Investment Partners just months after it was acquired by James Hay for £145m in an all-cash deal. Epris has been consolidating the Scottish business into James Hay since acquiring it in August. Both Nucleus and James Hay are set to rebrand under the Nucleus name.
Current private-equity firm Epris will retain a “significant minority stake” in Nucleus.
The price of the stake sale has not been disclosed.
HPS was founded in 2007 as a PE division of Highbridge Capital Management within JP Morgan Asset Management. The firm currently manages around $£24bn in public credit and $56bn in private credit.
Chief executive of Nucleus, Richard Rowney said: ‘While today’s news will not result in any immediate practical change, it is certainly a vote of confidence, not just in our strategy, but also in our people – the 650 dedicated colleagues who make up our business, with a sole focus of supporting advisers and helping them make retirement more rewarding for their clients.’
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