Sovereign exits Shackleton to Lee Equity Partners

Sovereign Capital Partners, the UK private equity Buy & Build specialist, is pleased to announce the exit of Shackleton, the UK Independent Financial Advisory and wealth management business, which has entered into a definitive agreement for a majority investment from funds managed by Lee Equity Partners, subject to regulatory approval.

We originally backed Shackleton – formerly Skerritts – in 2021. Over the following four years, we partnered with the management team on an ambitious Buy & Build programme, aiming to consolidate the highly fragmented IFA and wealth management sector and position the business as Britain’s financial adviser of choice.

During our partnership, we completed 18 acquisitions, significantly expanding the business from its South East roots into a truly national group, with the December 2024 rebrand to Shackleton marking its evolution into a unified platform. Headquartered in London, the business today consists of more than 400 professionals, including 100 advisers.

We have also supported significant investment into the business across operations, technology and the management team. This included supporting the founder, Richard Skerritt, in stepping back from the day-to-day running of the business, facilitated through the recruitment of his successor as CEO, Paul Feeney, the former CEO of FTSE 250 wealth manager Quilter. We also secured the appointments of Andrew Fisher as Chair, formerly CEO of Coutts & Co and Towry Group, and Grant Hotson as CFO, previously CFO of the Openwork Partnership and Group Financial Director of Smith & Williamson.

The exit of Shackleton represents Sovereign's second divestment in 2025 to date, following the successful exit of Agena, the car park management solutions specialist.

Alex Hay, Partner, Sovereign Capital Partners, said: “We are delighted to have worked alongside the Shackleton team to transform it from a regional South East business into a truly national wealth management platform. Alongside an exceptional management team, led initially by Richard Skerritt and more recently by Paul Feeney, we have created Britain's financial adviser of choice through strategic acquisitions and the recruitment of industry-leading talent. 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.”

James Dargan, Partner, Sovereign Capital Partners, 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.”

Paul Feeney, CEO, Shackleton, 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.”

Andrew Fisher, Chairman, Shackleton, said: “I would like to thank Sovereign for all their 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.”

Dominic Dalli, Managing Partner, Sovereign Capital Partners, said: “It has been a pleasure to work with the Shackleton team over the past four years, a relationship which has created a national leader in wealth management. This successful exit demonstrates how we see beyond today to spot potential and create transformational growth opportunities, and is an excellent showcase of our Buy & Build approach. We have delivered another strong return for our investors while creating a high-quality business we're truly proud of.”

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Advisers

Lazard (M&A) and Pinsent Masons (legal) advised Sovereign and Shackleton, KPMG (financial, tax, regulatory capital and compliance due diligence) advised Shackleton. Evercore (M&A) and Proskauer (legal) advised Lee Equity.