Swindon-based The Openwork Partnership (Openwork) - one of the UK’s largest financial advice networks - is to receive an investment from Bain Capital to support its growth plans.
Last year, Openwork announced its intention to seek a minority investor and now, The Openwork Partners has voted over 98% in favour of the proposed investment by Bain Capital on October 24 this year - a resounding endorsement of the decision to select Bain Capital.
The deal remains subject to regulatory approval and is expected to complete in the first half of 2025.
Since its inception in 2005, Openwork has grown to a network of over 4,750 financial advisers who support client needs across the UK. From 2018 Openwork has been 90% owned by its 1,300 Partners, which includes the principals of the network’s 860 advice firms. The remaining 10% is owned by the firm’s employees.
The primary investment from Bain Capital will allow Openwork to capitalise on its unique market position across the wealth, mortgage, and protection advice sectors.
Openwork said it will will use the investment to progress its core priorities, which include enhancing the offering throughout the lifecycle of adviser firms, investing in technology, and accelerating growth of the partnership.
Philip Howell, executive chair, said: "After a rigorous selection process, Bain Capital stood out as the obvious partner, through a clear alignment with our strategy and a recognition of the importance of our partnership culture. This investment will be transformative for the Partnership."
Elena Lieskovska, a Bain Capital Partner, added: "This partnership is about working better together, leveraging our combined strengths to grow the Openwork network and deliver exceptional value to clients, employees and shareholders.
"We look forward to helping facilitate the adviser lifecycle and succession planning, providing capital for the growth of member firms and deploying investments in technology to improve the user experience."
Openwork were advised on this transaction by Stephens Europe Ltd, acting as Financial Adviser, and Addleshaw Goddard LLP, acting as Legal Adviser to Openwork Holdings Limited, and Burges Salmon acting as Legal Adviser to Openwork Partnership LLP.
Bain Capital were advised by Slaughter and May, acting as Legal Adviser.
