Shackleton Advisers has entered into a definitive agreement for a majority investment from funds managed by Lee Equity Partners.

Lee Equity will succeed Shackleton’s current private equity investor, Sovereign Capital Partners, who first invested in Skerritts, one of Shackleton’s founding firms, in March 2021.

Since Sovereign’s investment, the business has undertaken 18 strategic acquisitions to expand its footprint across the UK. The Skerritts group rebranded to Shackleton in December last year, uniting its founding firms under a single brand.

Founded in 2006, Lee Equity is a New York-based private equity firm that partners with businesses in the financial and healthcare services sectors. Its latest investment will support Shackleton’s strategic ambitions as it aims to capitalise on organic growth momentum and opportunities arising from industry consolidation.

Chairman of Shackleton, Andrew Fisher, said: “I would like to thank Sovereign for all its support over the last four years. Since 2021, with their investment, we have grown rapidly through organic and acquisitive growth, strengthening our presence across the UK and establishing the business as a leading nationwide provider of financial advice.”

Partner at Lee Equity, Danny Rodriguez, said: “We have a long track record of investing in, and supporting, leading wealth management businesses, and we believe Shackleton is uniquely positioned to capitalise on the growth opportunity in the UK market.

“The Shackleton team has built an exceptional platform with strong momentum, and we look forward to working together to further grow and scale the business in the years ahead.”

Partner at Sovereign, Alex Hay, added: “This transformation demonstrates the significant consolidation opportunity within the fragmented IFA sector, and we're confident that Shackleton is uniquely positioned for its next phase of growth under new ownership.”

The deal remains subject to regulatory approval.

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