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Wealth at Work undergoes secondary management buyout

Wealth at Work, based in Liverpool, has undergone a secondary management buyout.

Palatine Private Equity provided funding, alongside the management team led by chief executive David Cassidy, to purchase the financial education and employee benefits company from LDC.

LDC originally backed the management team in 2009 and has retained an interest in the business financial education and employee benefits firm.

David Cassidy, chief executive officer at Wealth at Work, said investment will allow the company to “grow quickly” and meet demand for its services.

Gary Tipper (pictured), Ed Fazakerley and Beth Houghton made up the deal team for Palatine with Tipper and Houghton joining the Wealth at Work board.

Palatine will work with the management team in identifying acquisition opportunities as well supporting the continuing organic growth of the business.

Tipper, managing partner at Palatine Private Equity, stated, “We are all looking forward to working with David and the team.

“Regulatory change and the need for employers to drive more employee engagement is driving demand for Wealth at Work services.

“This is creating significant opportunities both organically and via strategic acquisition in a fast-changing market.”

Andy Westbrook from Deloitte provided corporate finance advice with Chris Heatlie from BDO carrying out the financial due diligence.

Kate Richards and Rebecca Grisewood from Gateley provided legal advice to Palatine, while Jonathan Robinson from Eversheds and Stephen Devlin from DLA advised LDC and management respectively.

Commercial due diligence was carried out by Edison Investment Research with Marsh undertaking insurance due diligence.

By Kirsty Hewitt

Wealth at Work undergoes secondary management buyout
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