IMAS acted as the exclusive financial adviser to Radiant Financial Group (“Radiant”) on the sale to Apiary Capital and the management team, led by CEO Simon Cogman-Hellier.
Radiant has been established with the intention of growing both organically and through the acquisition of IFA businesses, building a fully integrated group based on a shared culture and a high quality, holistic service offering. It includes CWB Group, PPS and ReSource Mortgages with 20 advisers handling £800m of client assets. The group is led by Peter Mann, Chairman, the former Vice-Chairman of Old Mutual and CEO of Skandia, and Simon Cogman-Hellier, CEO, who has worked in the financial services industry for 40 years in groups including Marsh & Mercer, KPMG, Oval, and Bluefin.
Apiary Capital is a UK private equity firm investing in the education, healthcare, financial, business and technology services sectors. The firm seeks to back platform companies in attractive market segments and supports management teams to accelerate growth. Apiary Capital closed its maiden fund at £200m in June 2018.
Radiant has more than doubled in size over the last three years through its ability to address the entire spectrum of financial needs of companies, their owners and employees as private individuals. The investment by Apiary Capital will support the management and staff, all of whom will remain in the group, helping to drive the continued expansion and addition of like-minded businesses.
IMAS provided advice to Radiant throughout the entire project. From having first introduced the management to selected private equity funds and advised on value and strategy, IMAS supported Radiant in all its interaction with the interested parties, including the information flow, due diligence and detailed negotiations with Apiary Capital through to the ultimate agreement of the terms of the transaction.
Simon Cogman-Hellier, CEO, commented:
“I am delighted to announce the backing by Apiary Capital of Radiant Financial Group and to be able to share our growth ambitions with the industry. We believe our intention to build a group based around a shared culture and vision is unique, and the team and I are excited to welcome others into our growing family.
Our existing group businesses are known for their very high quality of service, prowess in winning new business and client focus. We believe at the core this is thanks to the fact we are all driven by a shared mindset and purpose.
Our industry remains fragmented and Radiant represents an opportunity for like-minded individuals to become part of something special, allowing them to remove the regulatory and admin burden whilst continuing to work in an open, positive environment, focused on doing the right thing by their clients.
We have put together a very high quality and experienced management team to lead this growth and I am excited by what we have the potential to achieve.”
Jeniv Shah, Partner at Apiary Capital, said:
“Apiary is very excited to have become a shareholder in Radiant, we have a bright future ahead with ambitious growth plans in place. The initial companies are high-quality, with a clear strength in compliance and client-centric service, all underpinned by their culture. This is an excellent foundation on which to build the Group.
Radiant represents an extremely positive option for IFA business owners who need funding and scale to fulfil the next part of their journey, and we look forward to having a number of quality businesses join the Group in the years ahead.”