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Thrings Advises Intrinsic in Old Mutual Wealth Acquisition Deal
Leading commercial law firm Thrings has advised Intrinsic, the UK’s largest network of restricted and independent financial advisers, on its acquisition by wealth management provider, Old Mutual Wealth.
Led by Senior Corporate Partner Jonathan Payne and Associate Solicitor Elaine Meyrick, Thrings provided advice on all legal and strategic matters to Intrinsic and its management team. Tax and accountancy advice was provided by KPMG.
Under the terms of the transaction, Intrinsic’s 3,000-strong network of restricted and independent financial advisers will become part of Old Mutual Wealth, which comprises Skandia and Old Mutual Global Investors. Intrinsic will also retain its brand and management team.
The deal is subject to regulatory approval and is expected to complete within 90 days.
Thrings has been providing legal advice to Swindon-headquartered Intrinsic since 2006, a period in which it has become one of the UK's fastest-growing financial advice services companies. In 2012, Intrinsic reported an annual turnover of £121million.
Jonathan Payne said: “Thrings has worked closely with Intrinsic’s management team for the past eight years, and during this time we have developed a thorough understanding of the business and its ambitions. This has enabled us to provide ongoing legal advice which supports the company’s commercial and strategic objectives.
“Intrinsic is already one of the leading providers of financial advice and wealth management in the UK, and this deal will provide the opportunity and financial platform to strengthen its reputation and meet the long-term needs of its customers. This is a significant development in Intrinsic’s history, and we believe the deal will propel the business on to even greater successes in the future.”
Wallace Dobbin, Governance and Legal Director at Intrinsic, said: “It was imperative we received the very best legal advice during this transaction. Jonathan and his team played a pivotal role throughout, demonstrating great commercial awareness and discretion while acting in the best interests of Intrinsic at all times.
“I would like to thank Jonathan, Elaine and the rest of the Thrings team for their support over the last few months. They were magnificent and we simply could not have done it without them.”
The Intrinsic acquisition is the latest deal in what has been a strong start to the year for Thrings. In January, a team led by senior corporate partner John Davies provided legal advice to the shareholders of fuel distribution business Watson Petroleum Limited in its $191million acquisition by global fuel logistics company, World Fuel Services Corporation.