WestBridge makes majority investment in Beckett Investment Management
WestBridge has agreed to make a majority investment in Beckett Investment Management Group (Beckett), the leading financial planning business in the East of England. The deal, which is the fifth investment from WestBridge III, is subject to regulatory approval by the FCA.
The transaction involves a majority exit for Foresight Group, which will partially reinvest to continue its support through Beckett’s next phase of growth. Foresight invested in Beckett in 2021 from the Foresight East of England Fund, which will realise a return of more than 5.0x and an IRR of over 40% from this transaction. With Foresight’s support, Beckett has grown from £0.8bn to £2.1bn AUM and cemented its leading reputation in the East of England region. The Company has become a B Corp and grown the number of clients supported to over 5,000, all whilst retaining the culture and customer service that drives the business.
Beckett is a financial advice firm which offers a range of services across investment planning, retirement strategies, wealth management and employee benefits solutions. The Company was established in 1988 and has grown consistently over this period, now with four offices in each of Bury St Edmunds, Norwich, Ipswich and Lowestoft.
Beckett is led by CEO Gavin Wood, who is supported by an “exceptional” management team. Ian White, who is currently executive chair, will continue to support the team as non-executive chair following completion.
Peter Barkley and Luke Gilbert will join the Beckett Board as Directors, and Madeleine Finn will become a Board Observer and coordinate value creation initiatives. The WestBridge transaction team also comprised Guy Davies, Zoe Shan, Rory Whitrow and Matt Williams.
Luke Gilbert, senior investment manager at WestBridge, said:
“Beckett epitomises the type of business WestBridge looks to back. Its growth to this point has been characterised by culture-led and organic-first initiatives, which will continue to be the fundamental pillars of its expansion plan. This approach has enabled Beckett’s eight successful add-on acquisitions since 2020.
“There is significant organic momentum in the business, strong data capabilities, a leading culture and proven M&A track record, all of which are exceptional foundations for our partnership. We look forward to supporting the acceleration of both Beckett’s organic and acquisitive growth plans.”
Gavin Wood, CEO of Beckett, said:
“The Beckett team has had a great time working in partnership with Foresight over the last five years. Over that period, we have been joined by top-quality financial planners and support staff who share our team-based focus and the culture that we have worked hard to foster, as well as business owners who want to retire and see us as the ideal trusted partner for their clients. We want to build upon this success and continue to attract the best local talent to help us deliver the best possible service to our clients.
“Given the positive experiences of working with Matt McLoughlin at Foresight, it was vital for us to find another partner who would be supportive, challenging when needed, but allow us to build the Beckett brand in our style without looking to change our DNA. We believe we have found that with WestBridge, who at all turns have been open and honest, with an air of authenticity which shone through. I am incredibly excited about the opportunities that we will have with WestBridge in the next phase of our team’s development.”
Matt McLoughlin, partner at Foresight, said:
“Beckett is a fantastic business, which, like Foresight, places huge importance on its people and culture. I am proud to have been part of the company’s journey over the last few years, and very pleased that we will continue to be a significant shareholder alongside WestBridge going forward.
“The company is a true regional champion, and exactly the type of company the evergreen Foresight East of England Fund was set up to support. We have helped develop the team, invest for growth and scale the company’s operations over recent years. The team at Beckett is a pleasure to work with, and will continue to scale and grow this business over the years ahead, with the Foresight East of England Fund as a patient long-term investor in this local business.”
Peter Barkley, partner at WestBridge, added:
“Beckett represents the largest investment completed to date by WestBridge and a significant milestone for the firm. It is the fifth investment from WestBridge III, which takes us to almost 60% deployment of the capital available for platform investments. We are joining the Beckett journey at a hugely exciting time and are thrilled to be partnering with such a high-calibre team.
“WestBridge III is performing strongly, following the track record of its predecessor funds, which both independently benchmark in the top-quartile for their vintages. Backing a business of the quality of Beckett supports our ambition to continue delivering market-leading returns by backing high-growth niche businesses.”