Private equity firm Epiris has agreed to acquire the entire share capital of financial services firm IFG Group in a deal worth around £206m.

IFG is the parent of wealth manager Saunderson House and pension administration services provider James Hay.

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Under the agreed terms of the transaction, IFG shareholders will be entitled to receive £1.93 in cash for each share held.

Epiris partner Owen Wilson said: “We are delighted that the board of IFG has recommended our offer and we are excited to work with management to realise the growth potential of James Hay and of Saunderson House and to further enhance their position in their respective markets.”

The deal is pending shareholder and regulatory nod.

IFG CEO Kathryn Purves said: “The offer by Epiris represents a compelling opportunity for shareholders to realise an immediate and attractive cash value for their shareholding in IFG today.

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“In addition, our employees and clients will benefit under the ownership of Epiris which should help accelerate the delivery of IFG’s strategic objectives and the underlying strategies of James Hay and Saunderson House.”

Saunderson House was put up for sale by IFG last year.

However, IFG soon called off the plan citing that a sale would pose risks.

The latest deal comes as IFG announced its 2018 earnings.

The firm reported an operating profit of £300,000 in 2018, versus a loss of £400,000 a year ago.

Adjusted operating profit increased 18% year-on-year to £12.4m.

The firm’s assets under administration or advice totalled £30.2bn at the end of December 2018.