Dyer Baade advises shareholders of Whitechurch Securities on sale to Ascot Lloyd

Ascot Lloyd acquires Bristol-based Whitechurch Securities

(London/Bristol, 30 April 2024) Dyer Baade & Company acted as exclusive financial adviser to the shareholders of Whitechurch Securities (“Whitechurch”) on the sale of the business to Ascot Lloyd, one of the UK's largest independent financial advice groups and a portfolio company of Nordic Capital.

Founded in 1982, Whitechurch had developed over more than four decades into an established Bristol-based wealth management business providing financial planning, investment management and discretionary investment services to private clients.

The business remained closely associated with the Seager family throughout its development. In its 40th-anniversary publication, Whitechurch reported close to £400 million of assets under management and approximately 4,000 clients, reflecting the scale developed from its origins as a family-owned advisory business.

Ascot Lloyd was acquired by Nordic Capital in 2022 as part of a strategy to accelerate both organic and acquisition-led growth. At the time, Ascot Lloyd had approximately £10 billion of funds under influence and more than 20,000 core clients across the UK.

The acquisition of Whitechurch strengthened Ascot Lloyd's presence in the South West and added an established financial planning and investment management business to its national platform.

For Whitechurch's shareholders, the transaction represented the culmination of more than 40 years of building the business and required careful consideration not only of valuation, but also of cultural fit, client continuity and the long-term future of the firm's employees and client relationships.

Kean Seager, Chairman of Whitechurch Securities, commented on Dyer Baade's role: “I found Dyer Baade professional, knowledgeable and supportive. I was very impressed and very happy to have them help guide me through the M&A process.”

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

“It was a pleasure to advise the Seager family on this important transaction. Whitechurch had been built over more than four decades into a highly regarded wealth management business with strong client relationships, an established brand and a distinctive position in the South West.

“For a family-owned business of this nature, the right outcome involves more than headline valuation. Our objective was to create genuine competition while identifying a buyer with the financial resources, strategic ambition and cultural alignment required to provide a strong long-term home for the business. Ascot Lloyd represented a compelling fit across those dimensions.”

The transaction was agreed in April 2024 and subsequently received regulatory approval later that year. Citywire reported in September 2024 that Ascot Lloyd had taken control following FCA approval.

Advising a family-owned business through a generational capital event

Whitechurch is a good example of the particular considerations involved when a long-established family-owned wealth management business evaluates a sale.

The decision is rarely based on price alone. Shareholders must also consider the future client proposition, treatment of employees, cultural compatibility, management continuity and whether the buyer has the resources and commitment required to support the business over the long term.

A competitive process can help shareholders understand those trade-offs by allowing them to compare not only valuation and transaction structure, but also the strategic proposition offered by different potential acquirers.

In Whitechurch's case, the process resulted in the selection of Ascot Lloyd, a scaled national financial advice group backed by Nordic Capital. The combination provided Whitechurch with the resources and infrastructure of a larger organisation while offering Ascot Lloyd an established wealth management business with a strong presence in the South West.

Dyer Baade's role

Dyer Baade & Company advised the shareholders of Whitechurch throughout the transaction, including strategic positioning, preparation for market, buyer identification and engagement, management of the competitive sale process, valuation, transaction structuring and commercial negotiations.

The process involved engagement with a carefully selected group of strategic and private equity-backed buyers active in UK wealth management.

Dyer Baade's objective was to create genuine competitive tension while helping the shareholders compare the broader strategic merits of each proposal, including valuation, transaction certainty, cultural fit and the long-term implications for Whitechurch's clients and employees.