Novia sells to private equity firm Anacap

Novia has been snapped up by Anacap Financial Partners, marking the private equity firm’s third acquisition in the UK platform space.

Anacap made its first foray into the wealth management platform market with its purchase of Wealthtime.

The transaction was announced back in February and the firm says it was signed in December 2019. But it took several months before the FCA gave the go ahead.

The private equity company also signed a deal with Amber Financial Investments in July 2020, which recently received the green light from the regulator.

Novia, which was established in 2008, has been looking for a buyer for about a year. It has around £8.15bn of assets under management with a client base of approximately 67,000 through more than 1,000 IFA firms.

Anacap says that across its three platform investments it has now acquired almost £11bn AUM.

It will continue to look for “attractive” acquisition opportunities.

Novia chief executive Bill Vasilieff says: “Novia was keen to partner with a company that had a strong track record in growing fintech businesses with innovative operational strategies. We believe that Anacap represents the perfect choice to help us develop and, pending completion, we look forward to an exciting new chapter for the company in 2021 and beyond.”

Anacap partner for mergers and acquisitions Nassim Cherchali adds: “We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space.

“The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into distribution and the building of in-house asset management capabilities.”

Source: Money Marketing

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