McIntyre’s Socium acquires London mortgage broker

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Socium Group, an investment firm backed by private equity firm Penta Capital, has acquired a “significant controlling interest” in London-based mortgage broker Charles Cameron & Associates.

The deal, the details of which have not been disclosed, is the latest step in Socium’s five-year plan. build a business of 300 consultants, and appears a few months after Socium withdrew its offer to purchase the Beaufort Group

The firm bought CC&A from private equity investor Lonsdale Capital Partners, which acquired the brokerage firm in January 2018. The former owner claims the CC&A exit was more than double the initial investment.

Since 2018, the brokerage firm has refined its digital and mobile services and increased revenue from £ 9 million to £ 13 million.

CEO Simon Nimmo will continue to run the Socium-owned broker as he did under Lonsdale.

Socium chief executive Mary-Ann McIntyre, who previously led Openwork, said the CC&A acquisition “caused a lot of buzz” across the group because of the “significant growth opportunities it opens up.”

CC&A, founded back in 2004, employs about 90 mortgage and security consultants. Previously, Socium had 72 consultants in seven acquisitions, making CC&A its largest deal to date.

Under the terms of the deal, the total number of Socium consultants is 162 people.

On average, CC&A claims to issue about 700 mortgages a month. Between April 2020 and 2021, total mortgage loans were announced to be £ 3.1 billion.

Its consumer-focused mortgage business is paired with an employers-focused division that provides mortgage advice through the human resources departments of 200 companies.

McIntyre added that CC&A gives Socium “full advice” to its clients. In total, Socium intends to acquire 15 to 20 “hubs” managed by management teams in order to achieve its goal of 300 consultants.

Last year, Penta Capital provided Socium with a £ 160m fund to acquire IFA businesses across the UK.

Since then, she has bought True Bearing in Chorley, Premier Financial Management in Marlow, Chancery Financial Planning in London, Shipman Financial Planning in Taunton, Emery (IFA) in Essex, Wealth Solutions in Birmingham and Johnston Campbell in Belfast.

Overall, the group boasts assets of £ 4.5bn.

Flurry of deals

For Lonsdale, CC&A marks the third exit of a private equity firm in just seven months, leaving six companies in its current portfolio.

CC&A is one of eight firms that Lonsdale has invested in since April 2016, when it closed its first £ 110 million institutional fund.

It is also the third UK mortgage broker to be acquired by another firm in just the past month.

In July, the operator Uswitch and Confused.com – RVU – acquired Manchester-based digital broker Mojo Mortgages for an undisclosed amount.

And just a few days later, American digital mortgage broker Better bought British mortgage broker Trussle… Better described the reasons for the deal as Trussle’s “experienced management team, local knowledge and fundamental mortgage technology.”

Likewise, a US-backed organization RVU bought Mojo Mortgages largely due to its technology, post-deal scaling vision.

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