Wealth at Work Announces Investment from Aquiline Capital Partners.

1st June 2021

LONDON, UK (1 June 2021) – Wealth at Work Group Limited (“Wealth at Work”), a UK-based specialist provider of workplace financial education, guidance and regulated financial advice for individuals, is pleased to announce that it has agreed to investment from Aquiline Capital Partners (“Aquiline”), a private investment firm based in New York and London with $6.4 billion in assets under management.

Wealth at Work, which employs approximately 250 people, works with over 450 private and public sector employers including Marks & Spencer, BT, Experian and the NHS, delivering financial wellbeing programmes and retirement services.

Since its 2015 management buyout backed by Equistone Partners Europe (“Equistone”), Wealth at Work has continued to achieve rapid growth to meet the significant demand for its services, which are now offered to over a million employees across the organisations with whom it works. The technology-driven service is uniquely tailored to each client’s requirements through a complete suite of services ranging from seminars and digital tools such as the Financial Healthcheck through to virtual or telephone guidance services and regulated financial advice.

Wealth at Work’s management team, which continues to be led by CEO David Cassidy, will retain a significant equity stake. Equistone will retain a minority stake in the Company alongside Aquiline and management.

David Cassidy, Chief Executive Officer of Wealth at Work, said: “This investment will allow us to continue to grow and meet the rapidly increasing demand for our services which are used by a number of the largest companies and organisations in the UK. I very much look forward to working with Aquiline whose deep understanding of the UK and US retirement market and track record of supporting technology-driven growth will help us further develop our offering to clients, deliver innovation and set new standards of best practice. We would also like to take this opportunity to thank Equistone for the support they have provided so far, and we look forward to continuing our work with them as we take our business to the next chapter.”

Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline, said: “Individuals are facing increasingly complex and important financial decisions as they plan for retirement, which Wealth at Work helps them navigate. We believe that David and his team have built a platform that can deliver high-quality, personalised financial guidance and advice to a growing number of workplace savers across the UK in a highly scalable and technology-enabled manner. We are excited about partnering with them in the next phase of their journey.”

Dominic Geer, Senior Partner at Equistone, said: “We are delighted that, after five years of working closely with David and his team at Wealth at Work, the company is in a strong position to explore exciting new opportunities. Wealth at Work has grown significantly since 2015, and through investment in organic and acquisitive growth has emerged as a clear market leader. Equistone has a successful track record of investing in financial services businesses in the UK and internationally and we look forward to remaining involved in this next phase of the company’s development.”

Closing of the investment is subject to the parties obtaining relevant regulatory approval.

Evercore provided corporate finance advice and Herbert Smith Freehills provided legal advice to Aquiline. Due diligence was performed by Oliver Wyman (commercial), Deloitte (financial and tax), West Monroe (technology) and Howden (insurance).

Deloitte’s Manchester and London-based Financial Services teams provided corporate finance advice and Travers Smith provided legal advice to Wealth at Work in relation to the transaction.

About Wealth at Work

Wealth at Work is a workplace specialist – providing financial education, guidance and regulated financial advice for individuals.

Its services help employees make informed decisions to improve their financial wellbeing throughout their career and to maximise income at retirement. Its services are also available for Trustees to help their members fully understand their retirement income options and how to mitigate associated risks. For more information, visit www.wealthatwork.co.uk.

About Aquiline

Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across financial services and technology, business services, and healthcare. The firm had $6.4 billion in assets under management as of March 31, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit https://www.aquiline.com/.

About Equistone

Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 40 investment professionals operating across France, Germany, the Netherlands, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018.

Equistone is authorised and regulated by the Financial Conduct Authority. Further information can be found at www.equistonepe.com.