News and Press
| Date: | July 2005 |
| Title: | Rensburg Sheppards created after merger |
| Author: | Acquisition Finance Magazine |
| Download: | pdf version |
Rensburg Sheppards created after merger
International specialist banking group Investec has sold its Carr Sheppards
Crosthwaite subsidiary to Rensburg plc.
The acquisition creates the UK's seventh largest private client fund
manager with £10.3bn of funds under management and revenues of approximately
£84m. The parent company has been renamed Rensburg Sheppards plc.
Fenchurch Advisory Partners
was lead financial adviser to Rensburg.
Malik Karim who led the team, said:
“As lead adviser to Rensburg, Fenchurch initiated the approach to Investec and Carr Sheppards Crosthwaite. The transaction was truly transformational, more than doubling funds under management, profits and market capitalisation”.
Putnam Lovell, the global investment bank specialist in asset management, co-advised Investec on the transaction. Kevin Pakenham, Managing Director of Putnam Lovell commented: “By exchanging ownership of Carr Sheppard Crosthwaite for a major stake in the enlarged Rensburg, this deal provided Investec a unique way to participate in substantial value creation from consolidation in the UK wealth management industry”.
KPMG was reporting accountant to Rensburg on the deal. The KPMG Transaction Services team, led by Alison Legg and Victoria Morton, was assisted by Financial Services Regulatory, Tax, Audit, Business Modelling and Pensions teams.
Alison Legg commented: “We recognised early on the strain that undertaking such a significant deal would place on Rensburg’s finance team, and were able to second experienced members of our own team in to the business to bolster their resources and work alongside the Rensburg senior management. We were then able to work with their expanded team and the other advisers to steer the most efficient course to completion. We wish Rensburg Sheppards plc all the best as they begin integrating the two businesses”.