Mosaic Private Equity, Perspective’s original equity investor, has invested £7.1 million and a further acquisition facility was obtained from Lloyds Banking Group totalling £3.5 million.
The new acquisition facility was secured through a specialist strategic debt solutions team at Lloyds Bank Corporate Markets in Manchester and will support Perspective Financial Group’s ongoing ‘buy and build’ strategy.
To date, Perspective Financial Group has purchased 20 businesses across the UK since it was established in April 2008. It expects to announce a number of further acquisitions in the second quarter of 2011.
The Group’s annualised turnover is now in excess of £17 million, with over £5 million EBITDA (earnings before interest, taxes, depreciation and amortisation).
Perspective Financial Group has expanded its head office team substantially over the last year and expects to recruit further staff members at both the Wilmslow head office and other locations throughout the country in order to aid its ongoing organic growth.
Damian Keeling, Managing Director of Perspective Financial Group Ltd, commented:
“We are particularly pleased to have raised this finance to fund both our future acquisition strategy and an ambitious organic growth plan over the next two years. The exercise has been a vote of confidence in our strategy from both Mosaic and Lloyds Banking Group.
"This continued commitment from Mosaic and Lloyds Banking Group shows the value that we have delivered consistently since we began the Perspective Financial Group proposition almost three years ago.
“Our focus remains on buying further high-quality, well-managed businesses, while helping the Group’s existing firms improve their offering to clients and expand organically in both new business and recurring income.
"Perspective Financial Group has grown to become one of the largest and most profitable IFA groups in the UK; our ongoing aim is to deliver even more value to our shareholders in the future.”
Noel Stubley, Director at Lloyds Bank Corporate Markets in Manchester, said:
“Perspective Financial Group has an excellent management team and a strong balance sheet with consistent income streams. Its buy-and-build strategy is one we are happy to back and is further evidence of our commitment to support businesses with the right growth plans.
“The IFA sector is in a state of flux so we adopted a strategic approach to finding the right debt solutions so that Perspective could benefit from as much flexibility as possible.
"We have the expertise in Manchester to provide that advice on the ground and will continue to support the management team as it continues to consolidate its position in the market.”
