21 December 2005
Towry Law acquired by JS&P

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JS&P Holdings Limited (JS&P), one of the UK’s leading fee-based wealth management, financial planning and employee benefit firms that is owned by private equity funds managed by Palamon Capital Partners, has agreed to acquire Towry Law for £37 million. The transaction is subject to UK regulatory approval and is expected to complete in March 2006.

Towry Law comprises an independent financial advisory and an insurance broking business offering products and services to individuals and corporate clients in the UK. Over the last four years Towry Law has been restructured through a series of strategic change initiatives that have returned the business to profit and provided a strong platform for future growth.

The acquisition further strengthens JS&P’s position as one of the most influential firms in the financial services advisory market place and enables the firm to widen the breadth of its client service offering. Both firms are focused on providing high quality advice and building long-term relationships with their clients. Andrew Fisher, Executive Chairman of JS&P, will lead the integration of the businesses operationally, however, the Towry Law brand will continue to be used.

Andrew Fisher, Executive Chairman of JS&P, said, “The combined strength of Towry Law and JS&P will create a significant and powerful force in the professional financial services advice sector. We are very excited about the transaction and the prospects for the larger group.”

Miles Cresswell-Turner, Partner at Palamon added, “Since Palamon invested in JS&P in 2003, it has been transformed into one of the fastest growing financial services advisory firms. Under the stewardship of Andrew Fisher who was appointed by Palamon, JS&P has the potential to accelerate its growth rate and become the leading wealth manager to high net worth individuals in the UK. This acquisition is a major step forward for JS&P and we are confident that it will generate very strong returns.”

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