Bain Capital and Stone Point Capital are among the private equity firms preparing to bid for UK wealth adviser Amber River, which is expected to fetch around £900m, SkyNews reports.

The sale process is being managed by Rothschild on behalf of Penta Capital, Amber River’s current backer. The business, formerly known as Socium Group, was founded in 2019 and has expanded through a series of acquisitions to become one of the UK’s largest independent financial planning networks.

Amber River now oversees approximately £14bn in assets under advice. It is led by chief executive Mary-Anne McIntyre, previously head of OpenWork.

The company has already attracted significant private equity interest, following a £275m debt refinancing arranged with Carlyle last year. First-round offers are expected in the coming weeks.

The auction comes amid a wave of consolidation in the UK wealth management and financial advice sector, with regulators urging firms to secure approval before completing transactions.

If successful, a deal would mark one of the largest UK wealth management buyouts this year and further underline private equity’s appetite for scale players in the advisory space.

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