Close Brothers Asset Management acquires PMN Financial Management
Dyer Baade & Company acted as lead sell-side adviser to PMN Financial Management in relation to their sale to Close Brothers Asset Management.
Transaction Overview
Deal Type: Acquisition
Industry/Sector: Asset Management/Wealth Management
Size: Not disclosed
Year: 2021
Mandate: Lead Sell-side adviser
Lead Partner:
Stuart Dyer
Mobile: +44 7881 220426
Email: stuart.dyer@dyerbaade.com
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PMN was founded in 1992 and currently manages nearly £300m of assets for its high net worth clients. The firm’s partners, advisers and support team will all join Close Brothers AM as part of the agreement.
Martin Andrew, Chief Executive of Close Brothers AM, said: “I am delighted to welcome PMN to the CBAM family, an acquisition which further underlines the fact that we are a dynamic and growing business. Not only is PMN a highly successful and trusted provider, but crucially, the business has deep cultural synergies with CBAM. Our success is built on our dedication to put clients at the centre of everything we do and PMN share that commitment and focus. I know that the team will hit the ground running and be a real asset to the wider CBAM team.”
Mark Dipple, Partner of PMN, said: “Our message to any IFA considering sale is that the process is time consuming and complex. Finding the right buyer in the first place, negotiating terms, dealing with the sale process itself and trying to run a business at the same time is, to say the least, difficult. We used Dyer Baade to help us navigate our way through and support us in all aspects of the transaction with Close Brothers—their help was invaluable and we would have no hesitation in recommending them to any firm considering sale.”
Dyer Baade acted as exclusive sell-side adviser to the directors and shareholders of the business and were instrumental in successfully negotiating and managing the transaction from inception to completion.
Stuart Dyer, Chairman of Dyer Baade & Company and lead on this transaction, concluded: “We are delighted to have supported PMN on this exciting transaction. PMN is a business with an exceptional client base and very high standards. We are pleased to have found a strategically-aligned home in Close Brothers Asset Management. We wish them all the best and look forward to seeing the business thrive going forward.”
About Dyer Baade & Company
Dyer Baade & Company is an independent corporate finance boutique. We are M&A specialists in financial services and other complex sectors advising entrepreneurs & business owners, private equity & financial investors as well as trade buyers & strategic investors. For more information go to dyerbaade.com.