Financial advice network, the Openwork Partnership, has secured a £120m investment from private investment firm, Bain Capital.

The Financial Conduct Authority (FCA) has approved the investment and following board approval, Openwork will welcome Bain Capital into the business with up to 30% ownership.

Since its inception in 2005, Openwork has grown to a network of over 4,800 advisers operating across the UK.

The advice network has also agreed a new debt facility with Santander to provide an expanded £35m revolving credit facility. Openwork said the combination of incoming equity and debt would allow it to accelerate its adviser succession and renewal programmes.

“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,” Openwork CEO, Philip Howell, commented.

“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.”

Bain Capital is a global private investment firm that manages over $185bn of assets worldwide.

As part of its investment in Openwork, which was first announced in October last year, partner at Bain Capital, Elena Lieskovska, will also join the Openwork board.

Lieskovska added: “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.”

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