Bath financial advice group targets more growth after selling significant minority stake to Nordic group

January 26, 2024

A major Swedish business has acquired a significant minority stake in Bath-headquartered financial advice business Fidelius Group, saying the move will trigger a new phase of growth for the firm.

Söderberg & Partners, one of the Nordic region’s leading financial advisers and brokers of insurance and financial services, acquired the holding in Fidelius for an undisclosed amount.

The Stockholm-headquartered group has been highly active in the UK market over the past year, having received €200m (£171.6m) from minority owner, US-based global investment firm KKR.

It recently bought stakes in London wealth manager Vintage and Croydon-based PK Financial.

These followed its acquisition last year of a majority stake in Timothy James & Partners and minority holdings in Cambridge-based Dartington Wealth Management, Generation and Atherton York in London.

Söderberg & Partners, which employs 4,400 people and in 2022 had revenue of 600m, said its investment in Fidelius, which is subject to FCA approval, would significantly increase its UK footprint.

Fidelius, which was launched in 1998 and now looks after £2bn in assets under advice.

It offers advisory services, including wealth management, employee benefits and mortgages, along with a specialism in advice to returning expats.

As well as its head office in Bath, it also has operations in Cheltenham, Chelmsford, London and Mansfield.

Fidelius CEO Jim Grant said: “In Sӧderberg & Partners we have found a partner who sees the world the same way we do.

“I am very excited to have Sӧderberg working alongside us to support Fidelius in investing into smaller entrepreneurial firms who require the correct support and resource in order to realise their true growth potential.

“It can be hard for financial planning firms to raise quality investment to allow for growth, but with Sӧderberg we can help make this a reality.

“We look forward to talking to firms, teams or individuals who need a bridge to allow them to build a business focused on growth and future value.

“The whole team at Fidelius is incredibly excited about the next phase of our journey and we are delighted to have found Sӧderberg & Partners to work with moving forward.”

Söderberg & Partners chief executive Officer Gustaf Rentzhog added: “Fidelius is a business with significant upside potential. With a strong brand and an exceptionally experienced management team, I have no doubt that this already successful and growth-oriented business will go from strength to strength.”

Fidelius chief operating officer Ian Fowler said TLT had been an integral part throughout what he described as a strategic and complex transaction.

“The team’s patience and in-depth knowledge of navigating complex business structures was central to the execution of this deal,” he added. 

Fidelius was advised by Bristol-headquartered national law firm TLT and London-based full-service investment bank Cavendish.

TLT corporate partner Philip Barratt said Söderberg’s investment in Fidelius demonstrated the continuing level of deal activity in the financial services sector.

“The wealth management sector in the UK has seen a lot of merger & acquisition activity during the past 18 months or so, and we expect to continue to see both consolidation transactions and interest from foreign investors, which should continue to drive growth and development of the sector.

“It was a pleasure to work with Fidelius Group on this deal. We’re pleased to have reached a successful outcome for all and have no doubt that this transaction will support the continued success and growth of Fidelius Group.”


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