The private equity giant Bain Capital is among the suitors circling Amber River, one of Britain’s biggest independent financial planning networks.
Sky News has learnt that Bain, a former owner of motor insurer esure, and several other private equity firms are preparing to lodge bids for Amber River, which has been put up for sale by owner Penta Capital.
Banking sources said the auction could fetch a price in the region of £900m.
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The insiders named Stone Point Capital, a financial services-focused buyout firm, as another potential bidder ahead of offers due in the coming weeks.
Amber River is headed by Mary-Anne McIntyre, former chief executive of financial adviser network OpenWork.
It has roughly £14bn of assets under advice, and has been built through a string of acquisitions since it was founded in 2019 under the name Socium Group.
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Last year, it struck a £275m debt refinancing deal with Carlyle, the US-based investment giant.
The auction is being handled by bankers at Rothschild.
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Consolidation has been sweeping the UK’s financial advice sector, with the City watchdog cautioning firms to seek approval prior to signing deals amid a review of the industry.
Bain Capital declined to comment on Wednesday.
