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29th Apr

EMC is delighted to announce that Sovereign Capital Partners, the UK private equity Buy & Build specialist, has completed a significant investment in Skerritts, a successful Independent Financial Advisory (IFA) and Wealth Management business, in a deal worth £55m million.

The deal was introduced by EMC to Sovereign and to the management team led by founder Richard Skerritt, to develop the business through a strategy of organic and acquisitive growth. EMC’s team was led by Directors Nik Askaroff, Michael Pay and Ryan Smith.

Skerritts manages ~£1bn of client funds and Sovereign is backing the management team, headed by CEO and founder Richard Skerritt.

Richard will be joined by Andrew Fisher, previously CEO of Coutts &Co and CEO of Towry Group as Non-Executive Chair and Charles Sparrow, co-founder and ex-Group CFO of Seven Investment Management.

Richard Skerritt, founder and CEO of Skerritts said: “Sovereign’s investment and expertise in financial services gives us a fantastic opportunity to accelerate our growth ambitions and enhance our capabilities.”

He went on to say “I am very proud of the business which I established thirty years ago from a home office. As a team, we are dedicated to providing the highest level of care to all our clients. We look forward to further enhancing our capabilities and continuing to deliver the same level of service and care we are recognised for by our customers.”

“EMC first approached me about the opportunity in the summer of 2020. They were alongside us every step of the way and I would like to take the opportunity thank them for their commitment, professionalism and intuition. Their enthusiasm for matching Skerritts with a like-minded private equity investor and ability to support us throughout the deal were outstanding.”

Michael Pay, co-Founder and Director of EMC commented “Richard has built up an award winning IFA. His drive and commitment to clients is fantastic and he has built up Skerritts into the leading firm in the South East. It seemed only natural to demonstrate how Private Equity could accelerate his ambitions to grow the business with additional capital and acquisition firepower. It has been a pleasure working with him and with Alex, James and Peter at Sovereign who delivered all the way through on their proposal.”

Nik Askaroff, co-Founder and CEO of EMC finished “Once again it proves that as a specialist regional adviser can achieve great outcomes. Richard and the Skerritts business will continue to thrive and we will be alongside them to seek out further growth opportunities.”

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