WestBridge agrees majority investment in Beckett Investment Management

Private equity firm WestBridge has agreed to make a majority investment in financial planning business Beckett Investment Management Group.

The deal, which is subject to regulatory approval, marks the fifth investment from WestBridge III and its largest to date.

The agreement involves a majority exit from Foresight Group, which will partially reinvest in Beckett to support its next phase of growth.

Foresight invested in the East England-based company in 2021 from the Foresight East of England Fund.

The investment will realise a return of over 5 times and an internal rate of return of more than 40 per cent from the deal.

During its partnership with Foresight, Beckett’s assets under management (AUM) have increased from £0.8bn to £2.1bn and its number of clients has risen to over 5,000.

Beckett is a financial advice company that provides services covering investment planning, retirement strategies, wealth management and employee benefits solutions.

It was founded in 1988 and now has four offices based in Bury St Edmunds, Norwich, Ipswich and Lowestoft.

Beckett is led by its CEO, Gavin Wood, while its current executive chair, Ian White, will become non-executive chair following completion of the deal with WestBridge.

Peter Barkley and Luke Gilbert will join the Beckett board as directors, and Madeleine Finn will become a board observer to coordinate value creation initiatives.

The WestBridge transaction team also comprised Guy Davies, Zoe Shan, Rory Whitrow and Matt Williams.

Wood commented: “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.”

WestBridge senior investment manager, Luke Gilbert, said Beckett epitomised the type of business the private equity firm was looking 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,” he continued.

“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.”

Foresight partner, Matt McLoughlin, added: “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 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.”

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