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EMC Corporate Finance are pleased to announce the sale of IEP Financial Limited to Verso Wealth Management, a financial services platform backed by Cairngorm Capital Partners LLP in a deal that increases the groups assets under management to over £1.5billion. The EMC team was led by Director Ryan Smith.
Founded in 2005, IEP Financial provides specialist financial advice and planning for individuals and corporate clients across Sussex and the South East. With a reputation for outstanding service, the firm has a team of 34 advisors, planners, researchers and support staff based in Hove, East Sussex.
The addition of IEP Financial to the Verso group adds significant scale to Verso’s advisory network and expands the reach of its wealth management proposition across the South East of England. Patrick Spencer, IEP Financial’s Managing Director, will work closely with Verso’s executive team to expand the group’s presence across the region. Ian Poysden and David Williamson will also continue to support the business and clients on a consultancy basis.
Ian Poysden, Chairman of IEP Financial, said,
“Today marks the start of an exciting new chapter for IEP. We are grateful for the continued support of all our clients and firmly believe this partnership with Verso is a very positive next step for all stakeholders of the business.
Ryan and team at EMC played a key role in supporting us at every step to deliver this deal. They worked with all parties using their commercial skill and deal making capabilities to achieve the best possible outcome, instilling confidence to help us navigate to a successful completion.”
Patrick Spencer, Managing Director of IEP Financial, said,
“We are delighted to be joining the team at Verso and view their established platform as a key enabler of our growth strategy. Verso’s client-centric business model, is attractive to both our clients and advisers alike, and we are excited to continue to expand IEP’s presence in the South of England.
We are grateful to the EMC team for all their support and look forward to continuing to work with them on future opportunities.”
Ryan Smith, Director of EMC said,
“It was a pleasure to work alongside, Ian, Patrick and David throughout the process and successfully deliver this transaction. The team have built a great business that has been a strong part of the local business community for over 12 years and the new partnership with Verso will see them continue to thrive and grow for many more.
This deal marks the 7th completion in the last 18 months for EMC in the financial services sector acting as either buy or sell side lead advisory. With several others IFA deals currently in process, we are still seeing strong buyer appetite if you a business owner considering your succession plans.”
IEP Financial was advised by Ryan Smith and Steve Carroll, EMC Corporate Finance (Lead Advisory and Transaction Services) and Osbourne Clarke (legal).
Cairngorm Capital and Verso were advised on this transaction by Ernst & Young (financial and tax), Thistle Initiatives (regulatory) and Burness Paull (legal).
For further information please contact EMC Corporate finance on +44 1273 945984 or email ryans@emcltd.co.uk
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