Private equity investor Sovereign Capital Partners has exited UK-based IFA and wealth management firm Shackleton, which has agreed a majority investment from funds managed by Lee Equity Partners.

The financial details of the transaction were not disclosed, and the deal is subject to regulatory approval.

Sovereign Capital Partners initially backed Shackleton (formerly Skerritts) in 2021, and has since partnered with the management team on a buy & build programme in an effort to consolidate the IFA and wealth management sector.

During this time, the firm has completed 18 acquisitions and rebranded to Shackleton in December 2024, with the business now consisting of more than 400 staff, including 100 advisers.

The exit of Shackleton represents Sovereign Capital Partners’ second divestment in 2025 so far, following the exit of car park management solutions firm Agena.

Lazard provided Sovereign Capital Partners and Shackleton with M&A advice, while Pinsent Mason provided legal advice.

KPMG advised Shackleton on financial, tax, regulatory capital, and compliance due diligence.

Evercore provided Lee Equity Partners with M&A advice, while Proskauer provided legal advice.

Commenting on the deal, Sovereign Capital Partners partner, Alex Hay, said: “We are delighted to have worked alongside the Shackleton team to transform it from a regional south east business into a truly national wealth management platform.

“Alongside an exceptional management team, led initially by Richard Skerritt and more recently by Paul Feeney, we have created Britain's financial adviser of choice through strategic acquisitions and the recruitment of industry-leading talent.

“This transformation demonstrates the significant consolidation opportunity within the fragmented IFA sector, and we're confident that Shackleton is uniquely positioned for its next phase of growth under new ownership.”

Shackleton CEO, Paul Feeney, commented: “We launched the Shackleton brand late last year with the vision of becoming Britain’s financial adviser, by providing trusted, fair and affordable financial advice to people right across our nation.

“We are one step closer to achieving that vision today as we welcome our new private equity partners, Lee Equity.

“With Lee Equity’s backing we have secured very significant international investment not just for Shackleton but also for our country.”

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