Slaughter and May is advising Towry on the recommended acquisition of Ashcourt Rowan

Slaughter and May is advising Towry Holdings Limited (Towry) on the recommended acquisition by one of its wholly owned subsidiaries of Ashcourt Rowan plc (Ashcourt Rowan) by way of a scheme of arrangement. The acquisition was announced on 2 February 2015.

Ashcourt Rowan shareholders will receive consideration per share comprising 270 pence in cash plus 5 pence principal amount of loan notes. The cash consideration values Ashcourt Rowan at approximately £97 million.

The acquisition will be financed primarily by a new syndicated facility on which we also advised and which will re-finance existing facilities.

Towry manages or advises on over £6 billion in assets and is one of the leading firms of wealth advisers in the UK, specialising in the provision of financial planning and discretionary investment management services to private individuals. Towry is principally owned by funds managed by Palamon Capital Partners, LP, a leading European private equity partnership that invests growth capital in European lower mid-market companies.

Ashcourt Rowan is a leading UK-focused provider of integrated wealth management and financial advice and employee benefits consultancy services for individuals, families, charities and trusts, managing, as at 30 September 2014, total assets under management and influence of £5.3 billion.