The Openwork Partnership (Openwork), one of the UK’s largest financial advice networks, today confirms the completion of the transaction that sees Bain Capital make a significant investment in the group of up to £120 million. The FCA have approved the investment and following Board approval, the Openwork Partnership welcomes Bain Capital into the business with up to 30% ownership, and Elena Lieskovska joining the Board.
The proposed deal was announced in October 2024, with Openwork clear on its intention to seek an investor to support the network’s strategic growth plans. There was resounding support for the transaction and strategy, with 98% of votes cast by Partners in favour of the proposed investment Bain Capital investment.
In addition, Openwork have agreed a new debt facility with Santander to provide an expanded £35 million Revolving Credit Facility. The combination of incoming equity and debt will allow Openwork to accelerate its adviser succession and renewal programmes.
This exciting step means Openwork can accelerate its growth strategy with additional investment capital to fuel exciting developments in key areas such as recruitment, adviser succession, enhanced adviser tools, together with new technology and data management capabilities. With more advisers and an enhanced service proposition, the Group will be well placed to reach its ambition of becoming the leading financial advice network nationwide – driven by their purpose: to secure futures for clients through trusted advice.
Since its inception in 2005, Openwork has grown to a network of over 4,800 advisers who support client needs across the UK. Since 2018, Openwork has previously been 90% owned by over 1,300 Partners, which includes the principals of the network’s 860 advice firms.
Bain Capital is a leading global private investment firm, managing over $185bn of assets worldwide. Its consulting-based approach to investing enables it to partner closely with the management teams of the firms it invests in. The firm also has a diverse set of investments in a broad range of industries allowing it to pool experience. This is Bain Capital’s first direct investment in the UK financial advice space, but it brings experience from having invested in similar companies in the US and elsewhere, as well as deep knowledge of the UK Financial Services sector.
Philip Howell, CEO at Openwork, commented on the news: “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. 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. There could not be a more fitting way to celebrate our 20th anniversary as The Openwork Partnership.”
“We are thrilled to formally close our investment in The Openwork Partnership,” said Elena Lieskovska, a Bain Capital Partner. “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.”
