Titan Wealth, the provider of independent financial solutions to clients through a network of trusted intermediaries, has been sold. Maven Capital Partners (“Maven”) has sold the firm for an initial 3x return for its Institutional Buyout Fund to Parthenon Capital. Parthenon will become a major shareholder in Titan Wealth Holdings. The deal follows an announcement of a major strategic investment by Parthenon Capital in February this year. On November 8th, Titan announced that the FCA had authorised the change of control. With regulatory approval now given, the deal has now been completed.
James Kaberry, Chair and Joint CEO of Titan, said, “The investment and partnership with Parthenon is testament to the strategy and hard work that has delivered the growth of the group to date. We’d like to take this opportunity to thank the team at Maven for the support they have provided and look forward to further strengthening the relationship as we continue to build the business.”
What is next?
Maven invested in Titan when it was founded in July 2021 and has supported its growth through several acquisitions. Led by James Kaberry and Andrew Fearon, two highly experienced financial services entrepreneurs, the business has grown rapidly. In 2023 alone, it acquired Aspira Corporate Solutions, Prism Financial Advice Ltd, Square Milke Investment Consulting and Research Ltd, and Ravenscroft Investment. Prior acquisitions included the acquisitions of Cardale Asset Management, Baggette Asset Management, Haibun Wealth, Goldsborough Wealth, and Telford Mann.
Parthenon will now provide more funds to continue the expansion. While this is the first investment into the wealth management sector in the UK. Parthenon has experience of growing similar organisations across the US.
Earlier this month, Andrew Dodson, Managing Partner at Parthenon Capital, commented, “Titan is a fantastic business and the perfect investment for our first venture into the UK wealth market. From our many conversations with the team, it is clear that our strategic ambitions for the Titan business are very much in alignment. We look forward to working with the Titan team as they continue to build on the strong track record of growth and enhance the business’s unique, vertically integrated client-to-custody support.”
Fast growth, fast exit
After two years of consistent investment, Maven has achieved a successful exit of another portfolio company. This is the second profitable exit for the Maven Institutional buyout fund. In January 2022, it received a similar 2.9x return when it sold McGavigan Holdings Limited to CCL Industries Inc. The McGavigan investment took five years to realise, with the initial investment made in 2017.
This will now provide Maven with additional capital to provide organic growth and to fund future M&A activity. Tom Purkis, Partner at Maven, said, “Titan’s transformation since Maven’s initial investment in 2021 is testament to the hard work and ambitions of the management team. In a relatively short space of time, Titan has scaled both organically and through M&A with 10 acquisitions to the original platform and has also invested heavily in its people and technology to position itself as a disruptor in the UK wealth management sector.
“The investment and partnership with Parthenon will help to support the impressive growth that Titan has already delivered to date, and we are delighted to back this business as it goes from strength to strength.”
Enterprise Times: What does this mean
How will Titan look to expand now with the backing of the $5bn Parthenon Capital? Will it attempt to swallow up larger firms within the UK Market, or will it consider an expansion overseas? With four of the recent acquisitions still subject to regulatory approval, Parthenon and Titan will want to move forward in 2024. It will be interesting to see what strategy it follows and whether it has access to funding for larger deals.
