Published: Nov 21, 2023
Focus: Private Equity
Maven has completed the sale of Titan Wealth to Parthenon Capital following regulatory approval, delivering an initial 3x return for its Institutional Buyout Fund. There is further upside for investors from the deal structure and modest reinvestment of a proportion of proceeds into Newco.
The realisation represents the second successful exit for Maven’s institutional buyout fund, following the realisation of specialist manufacturer John McGavigan for a 3x return last year.
The Maven UK Regional Buyout Fund has backed Titan from its inception in July 2021, supporting its ambitious strategy to disrupt the Discretionary Fund Management sector in the UK. Titan was formed to provide a fully vertically integrated suite of services to investment managers and independent financial advisers. Titan’s innovative integrated technology platform provides discretionary fund management, as well as trade, custody and settlement services.
Led by James Kaberry and Andrew Fearon, two highly experienced financial services entrepreneurs, the business has grown rapidly through its M&A strategy, including the acquisitions of Cardale Asset Management, Baggette Asset Management, Haibun Wealth, Goldsborough Wealth, Telford Mann, Square Mile*, Ravenscroft*, Prism Financial Advice* and Aspira Corporate Solutions*.
The sale to Parthenon will provide additional capital to the business to enable it to drive further organic growth as well as fund future M&A. Parthenon is a leading US-based, private equity firm with a long track record of partnering with management teams to build franchise companies in the wealth management sector.
*Subject to regulatory approval
“Titan’s transformation since Maven’s initial investment in 2021 is testament to the hard work and ambitions of the management team. In a relatively short space of time, Titan has scaled both organically and through M&A with 10 acquisitions to the original platform and has also invested heavily in its people and technology to position itself as a disruptor in the UK wealth management sector. The investment and partnership with Parthenon will help to support the impressive growth that Titan has already delivered to date, and we are delighted to back this business as it goes from strength to strength.”
Tom Purkis, Partner at Maven
“The investment and partnership with Parthenon speaks to the soundness of our strategy and business model – and to the hard work of the team. We’d like to take this opportunity to thank Maven for the support they have provided, and we and look forward to further strengthening this relationship as we continue to build the business.”
James Kaberry, Chair and Joint CEO of Titan