AnaCap completes Novia acquisition

By Anita Jaynes on 17 May, 2021

Bath’s Novia Financial has announced the completion of its acquisition by AnaCap Financial Partners, a leading financial services private equity investor, following the initial transaction subject to regulatory approval in December 2020. This represents AnaCap’s third acquisition in the UK wealth management platform space since 2019.

In addition, Novia announces several management changes. Mark Winlow, an experienced independent Non-Executive Director whose previous track record includes roles at Ageas and Starling Bank respectively has been appointed as Chairman of the Board.

Peter Cartwright, Partner and Head of Private Equity at AnaCap, Robert Massey, Managing Director at AnaCap, Ken Fry, Jane Dale and Dominic Easton will also be appointed to the Board. They will be joining Bill Vasilieff who continues as Chief Executive Officer until 30thJune 2021 when he will be stepping down, with Patrick Mill taking on the role as CEO.

Patrick joins the business from Wealthtime where he has been CEO since the acquisition by AnaCap. Previous to Wealthtime, Patrick has held a number of senior roles within the platform and retail financial services sector.

Jane Dale, who is currently a Non-Executive Director for a number of financial services providers, will Chair the Novia Audit and Risk Committee. In addition, Keith Furniss will be taking over from Paul Boston as Director of Sales on 30th June 2021. Finally, Dominic Easton will be re-joining Novia and taking up the position of Chief Financial Officer.

John Beaumont, David Royds and Paul Parry have all stepped down from the Novia Board with immediate effect.

Bill Vasilieff, (outgoing) CEO at Novia said, “These are very exciting times for the business and mark the start of the next stage in the Novia Financial journey. Novia is in great shape with our assets under management having surpassed the £9 billion figure for the first time in our eleven-year history. Sales for Q4’20 and Q1’21 were also at a record high despite challenging conditions and our  EBITDA/ profit figures remain strong. The substantial investment and operational expertise that AnaCap bring will be instrumental in taking the business forward, ensuring we are well-positioned to accelerate growth, build on service propositions and capture an increased market share. The whole Novia team is absolutely delighted to be part of this dynamic organisation and looking forward to the next chapter in its development. I would like to personally extend a huge thank-you to the board and the Novia team for all their hard work and vision in getting us here. Congratulations also to Keith Furniss who has been with the business for eight years and whose experience and drive will help shape the road map going forward.”

Patrick Mill, Novia’s new CEO, added, “Novia have a formidable reputation in the market for platform innovation as well as for the first-class service which is appreciated by advisers. I am absolutely delighted to be joining the leadership team and am looking forward to building on the strong foundations already in place as we seek to drive the business forward to the next stage of its growth trajectory.”

Nassim Cherchali, Partner for M&A at AnaCap, said,“We view this exciting acquisition of Novia as a truly fundamental deal in our strategy across the UK wealth management platform space. The investment means we have vastly increased our fund management and technological capabilities. We look forward to this next chapter, working with Novia’s impressive technology platform to increase its growth via planned investments into marketing and the building on its successful in-house discretionary fund management solutions.”

Pictured above: Bill Vasilieff, (outgoing) CEO at Novia