Parmenion has unveiled a data-first strategy for the year ahead after it was snapped up by London-based private equity firm Preservation Capital Partners (PCP) in a deal worth £102 million.
Parmenion said its strategic vision to “lead a new frontier of digital and data capabilities” was a key factor in attracting PCP to buy the company.
Achieving its ‘2021 and Beyond’ data-first business strategy will rely heavily on its proprietary technology, on which the entire platform has evolved. The ownership of its own technology has allowed the company to remain agile and responsive to customer needs as it grew, giving it a competitive edge, the firm said.
Most recently the platform provider launched Vantage, a reporting tool that allows advisers to view client and business management information on one dashboard.
Martin Jennings, CEO, Parmenion, said: “As a business we have a clear vision for our future, which has been a driving force behind our ambitious development. Knowing who our customer is and what our core proposition makes possible for our clients has set us apart in the market meaning we keep the customer at the fore in everything we do.
“As we approach a critical next phase in our evolution as a business, we are delighted to welcome PCP on board as our new owners. Throughout the acquisition process, they demonstrated a real understanding of our long-term goal and share our strategic vision. In PCP we have a partner that is supportive of the management team and its business plan. We are now looking forward to getting on with delivering our plan for our customers.”
Andrea Secci, principal, Preservation Capital Partners, added: “The IFA platform sector is one of the most attractive sub-sectors within the UK wealth management market and Parmenion is a prime example of the type of market leading businesses we like to support due to its exceptional track record of growth and award-winning service proposition. Management’s vision is closely aligned with our own philosophy of long-term investment into scalable organisations to deliver best in class service for its clients and outsized growth.
“We are fully committed to supporting the management team to continue to deliver the market-leading proposition and customer service to its clients, as well as supporting them with access to significant additional capital for further investment in the platform and accretive acquisitions.”