Dyer Baade advises Clifton Asset Management on investment from CBPE

CBPE invests in Clifton Asset Management to support its next phase of growth

(London/Bristol, 28 October 2024) Dyer Baade & Company acted as exclusive financial adviser to Clifton Asset Management (“Clifton”) and its shareholders on a majority investment by UK private equity firm CBPE.

Founded in 1986, Clifton had developed into a vertically integrated wealth management, financial planning and pensions administration group serving individuals and SMEs across the UK.

At the time of the transaction, Clifton managed more than £1.8 billion of group assets, served over 9,000 clients and employed approximately 110 people.

The business had invested significantly in its operating infrastructure and proprietary technology platform, Connects-X, which combines a client-facing portal with back-office technology and had supported the successful integration of a series of financial advice acquisitions.

CBPE partnered with Clifton’s existing management team, led by CEO Neil Greenaway, who reinvested in the business alongside CBPE. The investment was designed to provide additional capital and strategic support to accelerate both organic growth and Clifton’s acquisition strategy in the fragmented UK financial advice market.

CBPE brought significant experience in financial services and wealth management, including its previous investment in Perspective Financial Group, alongside a broader track record of backing growing UK businesses.

Adam Tavener, Chairman of Clifton Asset Management, commented on Dyer Baade’s role: “We have used Daniel and the team at Dyer Baade for both debt and equity raises to fund our expansion plans. On each occasion, we found their approach highly professional and insightful. Their detailed knowledge of the Private Equity marketplace was instrumental in securing terms considerably ahead of our initial expectations. I would not hesitate to recommend them to other businesses looking to secure growth funding.”

Neil Greenaway, CEO of Clifton Asset Management, said: “We are delighted to welcome CBPE as our strategic investor. This partnership marks a transformative milestone in Clifton’s journey and gives us additional backing to accelerate our acquisition strategy while continuing to invest in the infrastructure and client proposition that have supported our growth.”

Dr Daniel Baade, CEO of Dyer Baade & Company and lead adviser to Clifton on the transaction, said:

“We were delighted to advise Clifton and its shareholders on this important next step in the group’s development. Over several years, the management team had built a differentiated, technology-enabled wealth management business and successfully demonstrated its ability to acquire and integrate financial advice firms.

“Our work with Clifton started well before this equity investment. The objective throughout was to understand the strategic challenge, identify the right form of capital at each stage and help position the business for sustainable long-term growth. CBPE brings both capital and relevant financial services experience to support the next phase of that strategy.”

The investment completed on 28 February 2025 following regulatory approval.

A multi-year strategic advisory relationship

The CBPE investment represented the next stage in a strategic relationship between Clifton and Dyer Baade that had begun several years earlier.

In 2022, Dyer Baade acted as exclusive financial adviser to Clifton on a £9 million debt financing from BOOST&Co, designed to provide the group with acquisition capital while allowing existing shareholders to retain ownership and strategic control.

That financing supported an accelerated acquisition programme. Clifton subsequently completed four acquisitions in approximately nine months and grew group assets from around £680 million at the time of the financing to approximately £1.2 billion by April 2023.

By the time of the CBPE investment in 2024, Clifton had grown further to more than £1.8 billion of group assets and had established the operating infrastructure, technology and acquisition capabilities required to support its next phase of development.

The two transactions demonstrate how different forms of capital can address different strategic requirements over the life of a business: debt initially provided Clifton with the capacity to accelerate acquisitions without introducing a new shareholder, while the subsequent CBPE investment introduced a long-term equity partner with additional capital and strategic support.

The earlier chapter: Dyer Baade advises Clifton Asset Management on £9m acquisition financing from BOOST&Co.

Dyer Baade’s role

Dyer Baade & Company advised Clifton and its shareholders throughout the CBPE transaction, including strategic positioning, investor selection, preparation for market, engagement with a carefully selected group of private equity investors, process management, valuation, transaction structuring and negotiations.

The process was designed not simply to maximise headline value, but to identify an investor whose capital, experience and strategic objectives were aligned with Clifton’s long-term growth ambitions.

The mandate built on Dyer Baade’s earlier work with Clifton across growth strategy, capital structure and acquisition financing, illustrating the firm’s approach of advising clients on strategic options over a multi-year horizon rather than treating individual transactions in isolation.