The Openwork Partnership, one of the UK’s largest financial advice networks, has finalized a significant investment deal with Bain Capital, amounting to up to £120 million. This investment, which has received approval from the Financial Conduct Authority (FCA) and the Openwork Board, grants Bain Capital a 30% ownership stake in the company, with Elena Lieskovska joining the Board.

The deal was initially announced in October 2024, as Openwork sought an investor to support its strategic growth plans. The proposal received overwhelming support from its Partners, with 98% voting in favor of the investment.

In addition to the equity investment, Openwork has secured a new £35 million Revolving Credit Facility from Santander. This combination of equity and debt will enable Openwork to expedite its adviser succession and renewal programs.

With this new capital, Openwork aims to enhance its growth strategy, focusing on recruitment, adviser succession, and the development of advanced tools and technology for advisers. The goal is to solidify Openwork's position as the leading financial advice network in the UK, dedicated to providing trusted advice that secures clients' futures.

Since its establishment in 2005, Openwork has expanded to a network of over 4,800 advisers across the UK. Previously, it was 90% owned by more than 1,300 Partners, including the principals of its 860 advice firms.

Bain Capital, a prominent global private investment firm managing over $185 billion in assets, brings a wealth of experience to this partnership. Although this is Bain Capital's first direct investment in the UK financial advice sector, the firm has a history of investing in similar companies in the US and possesses extensive knowledge of the UK Financial Services landscape.

Philip Howell, CEO of Openwork, expressed enthusiasm about the partnership, stating that they have been collaborating closely with Bain Capital to implement initiatives that will accelerate growth and enhance their service offerings. He emphasized that this partnership marks a pivotal moment for Openwork as it celebrates its 20th anniversary.

Elena Lieskovska, a Bain Capital Partner, also expressed excitement about the investment, highlighting the potential for collaboration to leverage their combined strengths. She noted that the focus will be on supporting Openwork’s growth and improving experiences for clients, colleagues, and shareholders through strategic initiatives and technology investments.

Overall, this partnership is poised to drive significant value and outcomes for Openwork, positioning it for continued success in the financial advice sector.