The Openwork Partnership has successfully completed a transaction to acquire advice firm Milecross Financial Solutions.

The move marks the financial advice network’s first strategic investment into one of its own firms since it secured a £120m investment from private investment firm Bain Capital, at the end of last month.

Openwork said the deal forms part of its “succession and renewal” themed growth plans and will be one of several investments it plans to make.

Milecross, which has around 100 advisers across the UK and assets under management of circa £750m, suggested the deal would supports the next phase of its journey.

Openwork CEO, Philip Howell, commented: “Conversations with Paul and his team at Milecross have been held for a little while and we now have the growth capital to invest and support Milecross undertake its succession plan.

“This investment ensures a smooth transition for the business, which will continue to be run with the management team remaining at the helm, and demonstrates our commitment to supporting the individual growth and succession plans of all our partner firms, no matter their stage and scale.”

Milecross founder and CEO, Paul Dalzell, added: “The relationship with Openwork is a strong and enduring one, and being part of Openwork has given us the platform and environment to build a great business. Now, this next stage in our partnership cements the future for our clients, advisers, colleagues and the next generation of Milecross.”

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