Foster Denovo Group has received a £100m funding injection from Crestline Investors to fund its acquisition and growth strategy in the UK.
As a result of the deal, Crestline now owns a minority stake in Foster Denovo. The investment will be used to help Foster Denovo make ‘culturally compatible acquisitions’ in the UK during the next five years.
Canaccord Genuity served as Foster Denovo’s sole financial adviser on the deal but further details regarding the financial terms of the transaction have not been disclosed.
The deal follows a record year for Foster Denovo as it saw revenue climb by 24 per cent to almost £27m last year.
Foster Denovo CEO Roger Brosch says: “We are delighted to have secured this new funding which will fuel our ambitious five-year growth strategy. Crestline is the perfect partner for us – we are culturally aligned and share an absolute commitment to delivering exceptional value to our clients, staff and shareholders. Crestline has a reputation for partnering with experienced management teams and investing in established businesses with bold expansion plans, and we look forward to achieving great things together.”
“Over the next few years, we intend to utilise this funding, making a series of culturally compatible acquisitions acting as a facilitator for those practices and businesses who put the interests of clients and staff as their key priorities. We believe the flexibility of our approach will allow us to match the needs of the market, secure the highest quality of transactions for all parties and reinforce our reputation as a leading national advice brand.”
Crestline managing director Andrey Panna says: “The Foster Denovo team has created an enviable market proposition, underpinned by its high quality of client service. The team is incredibly driven, and Crestline is delighted to be partnering with the company to fuel this next stage of their exciting growth journey.”
