US private equity group completes £ 230m buyout of AFH
New York-based private equity firm Flexpoint Ford has completed the acquisition of AFH Financial Group.
Worth around £ 231.6million, the deal represents Flexpoint Ford’s first platform investment in the UK.
The private equity group said that under its ownership, AFH is expected to continue its consolidation strategy, focusing both on organic growth through increased advisor productivity as well as acquisitions funded on a complement model. of price.
Flexpoint Ford chief executive Daniel Edelman said he was “confident” in AFH’s next phase of private sector growth. ‘
The completion of the acquisition marks the end of a saga that began when an initial offering was suspended several months earlier this year.
In January, the company received a £ 225million cash offer from Cortina Bidco, indirectly managed by Flexpoint Ford, but backer Slater Investments used its 13% stake in AFH to vote against.
Trading in AFH shares was then temporarily suspended after the company delayed a meeting to approve the takeover.
Flexpoint Ford then returned in March with a successful offer of 480p per share, up from its initial offer of 463p, which Slater Investments supported. The Financial Conduct Authority signed the acquisition in May.
Founded in 1990 by its Managing Director Alan Hudson (pictured below), AFH currently employs approximately 450 professional advisers and 400 support staff.
Hudson said the partnership will allow AFH to increase its market share and increase shareholder value.