Caledonia Investments has completed the acquisition of wealth manager and platform provider Seven Investment Management (7IM) for £100m.
Under the terms of the deal, which was initially announced on 22 June 2015, Caledonia has purchased 93.6% of 7IM Holdings Ltd, the controlling member of Seven Investment Management which operates the 7IM business.
Caledonia said that will invest £73.6m from its own cash resources, while the balance of the acquisition costs will be funded by a combination of £25m of bank debt, equity subscription from the 7IM management team and cash on the 7IM balance sheet at completion.
The transaction has received approval from the Financial Conduct Authority.
As of 31 August 2015, 7IM had managed assets under management and administration worth approximately £9.4bn.
