Thu, 17 Feb 2011 | MBO/MBI
Brewin Dolphin has sold its investment banking division in a management buy-out deal in order for it to focus on becoming a pure investment manager.
The business is being bought by N+1, a European asset management company located in Spain, in a deal worth £5 million.
The deal includes a 14 per cent holding in the new venture, which is valued at £4 million, and £1 million in cash. A total of 65 staff will be transferred as part of the deal. The new group is to be called N+1 Brewin.
Still subject to regulatory approval from the Financial Services Authority, it is expected the deal will be finalised in September.
N+1 Brewin is to be headed by Graeme Summers, who managed the divested investment banking division, after having joined Brewin Dolphin in 1990.
“It’s exciting times for the team. Brewin Dolphin has been a very good home for us for the past 20 years. There’s been a natural parting of ways, moving of the businesses in different directions,” Summers said.
“We’ll be moving towards a partnership with a highly successful international partner that has very complementary skill sets to what from the outset we were trying to achieve in this process.”
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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