UK-based private equity investor Sovereign Capital Partners has sold Shackleton, an independent financial advisory and wealth management business, to Lee Equity Partners.

Shackleton has entered a definitive agreement for a majority investment from funds managed by Lee Equity Partners, pending regulatory approval.

Financial terms of the transaction were not disclosed.

Sovereign Capital Partners initially backed Shackleton, formerly known as Skerritts, in 2021.

Over the subsequent four years, the private equity investor collaborated with Shackleton's management on a buy & build programme.

This initiative aimed to consolidate the fragmented IFA and wealth management sector, positioning Shackleton as a leading financial adviser in the UK.

During this partnership, Shackleton completed 18 acquisitions, expanding from its South East origins into a national entity.

Earlier this month, Shackleton IM Asset Management from Irwin Mitchell.

The deal also included TWP Wealth, a financial planning business acquired by IMAM in 2022.

Sovereign Capital Partners partner James Dargan said: “The Shackleton transaction perfectly demonstrates our Buy & Build expertise in action. Over four years, we completed 18 strategic acquisitions, each carefully selected to expand Shackleton's geographic footprint and strengthen its service capabilities.

“The quality and pace of our acquisition programme has positioned Shackleton as the clear market leader it is today.”

The December 2024 rebrand to Shackleton marked its evolution into a unified platform.

Headquartered in London, the company now comprises over 400 professionals, including 100 advisers.

Sovereign Capital Partners said it also supported investments in Shackleton's operations, technology, and management team.

This included aiding founder Richard Skerritt in transitioning from daily operations by recruiting Paul Feeney, former CEO of FTSE 250 wealth manager Quilter, as his successor.

Additionally, Andrew Fisher, former CEO of Coutts & Co and Towry Group, was appointed as Chair, and Grant Hotson, previously CFO of the Openwork Partnership, was appointed as CFO.

Feeney said: “We launched the Shackleton brand late last year with the vision of becoming Britain’s Financial Adviser, by providing trusted, fair and affordable financial advice to people right across our nation. We are one step closer to achieving that vision today as we welcome our new private equity partners, Lee Equity.

“With Lee Equity’s backing we have secured very significant international investment not just for Shackleton but also for our country. Thank you, Sovereign, you have been great supporters, and welcome Lee Equity. The journey continues.”