Dyer Baade advises Clifton Asset Management on £9m acquisition financing from BOOST&Co

BOOST&Co provides £9 million to accelerate Clifton Asset Management’s acquisition strategy

(London/Bristol, July 2022) Dyer Baade & Company acted as exclusive financial adviser to Clifton Asset Management Plc (“Clifton”) and its shareholders on a £9 million first-tranche financing from BOOST&Co to support the group’s acquisition-led growth strategy.

Founded in 1986, Clifton had developed into a diversified wealth management and financial services group combining financial planning, investment management, pensions administration and proprietary technology.

At the time of the financing, Clifton managed approximately £680 million of assets and had already begun to develop its acquisition strategy through transactions including Plan for Life and Leonard Gold Financial Management.

The financing from BOOST&Co provided Clifton with committed capital to accelerate its buy-and-build programme and pursue an established pipeline of financial advice businesses across the UK. The funding also supported continued investment in the group’s technology and operating infrastructure.

The transaction was structured to enable Clifton to accelerate growth through acquisitions while retaining shareholder ownership and strategic control of the business.

Anthony Carty, Financial Planning Director at Clifton Asset Management, said: “This funding from BOOST&Co will enable us to accelerate our growth, adding to our network of businesses and enhancing the services that we offer.”

Kim Martin, head of south and midlands at BOOST&Co, added: “We are really pleased to support the Clifton team as they continue to deliver their exciting expansion plans for the group.”

Dr Daniel Baade, CEO of Dyer Baade & Company and lead adviser to Clifton on the transaction, said: “We were delighted to advise Clifton on this important financing. The strategic challenge was not simply to raise capital, but to put in place a funding structure capable of supporting a clearly defined acquisition programme while preserving the flexibility required to build the business over the longer term.

“Clifton had developed a differentiated proposition, strong technology and an experienced management team. The financing provided the capital required to translate that strategic foundation into accelerated M&A and create further scale in the business.”

Financing a buy-and-build strategy

Dyer Baade & Company advised Clifton throughout the financing process, including strategic planning, financial modelling, assessment and engagement of potential funding partners, transaction structuring, negotiation of commercial terms and support through due diligence and completion.

The mandate combined Dyer Baade’s detailed knowledge of the UK wealth management market with its experience advising shareholders on capital structure, growth strategy and M&A.

The impact was visible quickly. Following the financing, Clifton accelerated its acquisition programme, acquiring Burnett & Reid Wealth Management, Noble James Associates, Mark Phillips Ltd and GB Financial Services. By April 2023, Clifton had completed four acquisitions in approximately nine months and increased group assets under management to around £1.2 billion - more than £500 million above the level reported when the BOOST&Co funding was secured.

From acquisition financing to long-term strategic partnership

The BOOST&Co financing marked an important early milestone in a multi-year strategic relationship between Clifton and Dyer Baade.

Rather than approaching capital raising and M&A as isolated transactions, Dyer Baade continued to work with Clifton and its shareholders on the group’s strategic development, capital structure and long-term growth options.

In October 2024, more than two years after the debt financing, Dyer Baade again acted as exclusive financial adviser to Clifton and its shareholders when CBPE Capital invested in the business.

By that stage, Clifton had grown to more than £1.8 billion of group assets, over 9,000 clients and 110 employees, supported by a scalable operating model and proprietary technology designed to integrate acquired financial advice businesses.

The two transactions illustrate how different forms of capital can be used at different stages of a company’s development: debt financing initially provided Clifton with the capacity to accelerate acquisitions while retaining ownership, while the subsequent CBPE investment introduced a long-term equity partner, additional capital and strategic support for the group’s next phase of growth..

Read more: Dyer Baade advises Clifton Asset Management on investment from CBPE Capital.