Following on from the recent announcement of the completed deal with Bain Capital, Openwork can today confirm the first strategic investment into one of their own firms. The Partnership has completed a transaction to acquire national advice firm Milecross Financial Solutions (“Milecross”).
For Openwork, the transaction is the first example of the Partnership’s delivery against its theme of succession and renewal as part of its growth plans. This will be one of a number of investments by the company as Practice Principals’ plan for their own succession, whilst securing the future for their business, colleagues and clients.
For Milecross, which has grown successfully to become one of the leading Strategic Partner Firms in the network, this represents a significant milestone. Milecross already has around 100 advisers across the UK, and assets under management of circa £750m plus a sizeable Mortgage and Protection business and this deal supports Milecross for the next phase of its journey.
Both firms are celebrating their 20th year and 20 years of doing business together.
Philip Howell, CEO of Openwork added “Conversations with Paul and his team at Milecross have been held for a little while and we now have the growth capital to invest and support Milecross undertake its succession plan. This investment ensures a smooth transition for the business, which will continue to be run with the management team remaining at the helm, and demonstrates our commitment to supporting the individual growth and succession plans of all our partner firms, no matter their stage and scale.”
Paul Dalzell, Milecross founder and CEO, has told his colleagues “Having founded and led Milecross for the past 20 years I am incredibly proud of what we have achieved together. I genuinely love what I do, and I care about our future and what that looks like for all of us. The relationship with Openwork is a strong and enduring one, and being part of Openwork has given us the platform and environment to build a great business. Now, this next stage in our partnership cements the future for our clients, advisers, colleagues and the next generation of Milecross.”