The transaction has completed after approval from the Financial Conduct Authority (FCA) and will see Elena Lieskovska, partner at Bain Capital, join the Openwork board.
The deal was initially announced last year as the financial advice network said it wanted an investor to support its growth. Some 98% of its partners voted in favour of the Bain Capital investment.
Openwork has also agreed a debt facility with Santander to provide an extended £35m revolving credit facility.
Plans for growth
The firm said the incoming equity and debt would allow it to progress with its adviser succession and renewal programmes.
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Openwork will focus on recruitment, adviser succession, adviser tools, new technology and data management capabilities, with an aim of becoming the leading financial advice network nationwide.
Philip Howell, CEO at Openwork, said: “Since announcing our intentions to partner with Bain Capital, we have been working closely together in priming a programme of initiatives to accelerate our growth and enhance our offering.
“The strategy will firmly establish Openwork as the leading provider of holistic advice to clients and their families across the UK. With Bain Capital at our side, we are entering an exciting chapter with a real sense of optimism and growing momentum. There could not be a more fitting way to celebrate our 20th anniversary as The Openwork Partnership.”
Lieskovska added: “We are thrilled to formally close our investment in The Openwork Partnership.
“This marks the beginning of an exciting new chapter where we will work closely to leverage our combined strengths. Our focus will be on supporting Openwork’s growth and enhancing the experience for clients, colleagues, and shareholders through strategic initiatives and technology investments. We look forward to a successful partnership that will drive exceptional value and outcomes across the board.”
In August last year, Smartr365 and The Openwork Partnership announced a platform integration.
