US-headquartered private equity firm Further Global Capital Management has acquired a majority stake in Progeny Group for an undisclosed sum.
Further Global’s investment will help “support and accelerate Progeny’s ambitions to become the best professional advisory firm in the UK”, the financial planning business said.
Progeny’s senior management team will stay in place. Its existing capital partner LSG Holdings will remain invested as “significant shareholders in the company”.
In addition, Chris Giles, former chairman of insurance broker consolidator PIB, will join Progeny’s board and investor group upon the closing of the transaction.
The PE backing provided to Progeny as a result of the transaction “will power both the organic and inorganic growth of the business in the years ahead”, the UK firm said.
Progeny added that it “intends to continue its clear and established acquisition strategy, acquiring select firms that add defined and significant value for clients and shareholders”.
Neil Moles, Progeny chief executive, said: “This marks an important and exciting milestone in the development of the business, allowing Progeny to continue its growth trajectory and accelerate our plans to become the best and most respected professional advisory firm in the UK.
“Finding the right people to accompany us in this next stage of our evolution was crucial, which is why I am delighted to be partnering with Further Global. We spoke to a significant number of potential investors and found in Further Global a partner who understood and was aligned with our vision and ambitions.
“Further Global have taken great care to show that they support our aspirations to become a business that’s committed to making a transformative contribution to the future of professional services and a brand that is a trusted, go-to source of high-quality client service.
“The investment, along with the commitment of Progeny’s existing senior management team, means that we can continue to look after our clients in the manner to which they have become accustomed, by developing new products, constantly improving our service and placing them at the centre of our growth plans.”
Progeny offers independent financial planning, asset management, tax, HR and private and corporate legal services.