PriestleySoundy advises Senior Management Team of Nucleus

PriestleySoundy is advising Richard Rowney (CEO of Nucleus) and his Senior Management Team in connection with the acquisition of a majority stake in Nucleus by funds and/or accounts managed, advised or controlled by HPS Investment Partners (“HPS”).

HPS is joining forces with Epiris to support Nucleus with a shared vision to build the leading retirement-focused investment platform for financial advisers in the UK.  The transaction, which is conditional on regulatory approval, is expected to close in the second half of 2022.  Financial terms are not being disclosed.

Nucleus was formed in 2021 through the combination of James Hay and Nucleus Financial Group.  James Hay was formerly part of IFG Group, which Epiris acquired in a £206 million take-private transaction in 2019.  In August 2021, James Hay acquired Nucleus Financial Group in a £145 million take-private transaction.  The business administers £48 billion of customer assets.

PriestleySoundy advised Richard Rowney, in 2021, in connection with his appointment as Chief Executive Officer of James Hay and his employment and incentive arrangements.

HPS is a leading global investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns.  As at March 2022, it had more than $80 billion of assets under management.

Epiris is a top-decile private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams.  It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million.

HPS are being advised by Slaughter and May and Kirkland & Ellis.  Epiris are being advised by Macfarlanes.

29 March 2022