Burges Salmon has advised long-standing client Openwork Partnership LLP, the 90% majority shareholder in The Openwork Partnership (Openwork), one of the UK’s largest financial advice networks, on the successful completion of a strategic investment by Bain Capital, a leading global private investment firm.
The transaction, which was first announced in October 2024, has now received FCA approval. It sees Bain Capital acquire up to a 30% stake in Openwork, with a capital injection of up to £120 million. The investment will support Openwork’s ambitious growth strategy, including adviser recruitment, succession planning, and the enhancement of technology and data capabilities.
In parallel, Openwork has secured a new £35 million Revolving Credit Facility from Santander, further strengthening its financial position and enabling the business to accelerate its adviser renewal programmes.
A multi-disciplinary group of lawyers from Burges Salmon’s Financial Services sector group advised on the transaction. The team was led, on the Corporate and M&A side, by partners Mark Shepherd and Nick Graves, directors Tim Roberts and Jennifer Mellor and senior associate Rebecca Brown and, on the regulatory side, by partner Tom Dunn and senior associate John Roberts.
