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Deals Of The Day: The Latest In Wealth Management M&A - PraxisIFM, Sanne Group

Editorial Staff

7 December 2021

PraxisIFM, Sanne Group
. The transaction is for £54 million ($71.6 million) and follows the announcement of a deal in July this year.

The deal will allow PraxisIFM to focus on growing its core private wealth and corporate services business which have been running since the group was founded in 1972.

The firm said in a statement that it intends to pay back a “significant amount” of the proceeds to shareholders and will deploy the balance to initially shrink it bank debt and invest in technology. It will give more details about the capital return in coming weeks.

As part of the transaction, £5.5 million of the total consideration will now be held in escrow and is expected to be released in July 2022, subject to certain performance criteria, PraxisIFM added.