Independent UK law firm Burges Salmon has advised Openwork Partnership LLP, the 90% majority shareholder in The Openwork Partnership (Openwork), one of the UK’s largest financial advice networks, on a strategic investment into Openwork from leading global private investment firm, Bain Capital.
The investment will allow Openwork to capitalise on its unique market position across wealth, mortgage, and protection advice sectors. Openwork will use the investment to progress its core priorities which include enhancing the offering throughout the lifecycle of adviser firms, as well as investing in technology, and accelerating growth of the Partnership through strategic initiatives. The deal remains subject to regulatory approval and is expected to complete in H1 2025.
A multi-disciplinary group of lawyers from Burges Salmon’s Financial Services sector group advised on the transaction. The team was led, on the Corporate and M&A side, by partners Mark Shepherd and Nick Graves, directors Tim Roberts and Jennifer Mellor and senior associate Rebecca Brown and, on the regulatory side, by partner Tom Dunn and senior associate John Roberts.
Mark Shepherd comments: “Investments in quasi-partnership structures can be complex and multi-layered and it has been a genuine privilege to work with the Shareholder Council of Openwork Partnership LLP on this significant and transformational transaction, a transaction which sets up Openwork extremely well for further growth.”
Cliff Gray, Chair of the Shareholder Council, adds: “At our National Conference last October, we announced plans to bring a minority investor into the business to accelerate the growth of the Partnership. After a rigorous selection process, Bain Capital stood out as the obvious partner, through a clear alignment with Openwork’s strategy and a recognition of the importance of our partnership culture. This investment ensures that Openwork will be able to continue to grow the business and deliver exceptional value and excellent outcomes for Openwork’s clients and shareholders over the long term. The Burges Salmon team has been a pleasure to work with, they understood from the outset what was important to us and their expertise shone through at every stage of the process.”
Burges Salmon has a strong Corporate practice in the UK, known for handling high value and complex transactions on behalf of large corporates and fast-growing companies, combining legal, transactional and sector expertise to give tailored solutions to clients. Working alongside the firm’s sector groups, including Financial Services, the team provides market-leading insight to support clients identify and capitalise on new opportunities, whilst enabling them to respond quickly to regulatory change.