True Potential is in the news again. The offer from Cinven (a UK-based Private Equity firm that has raised over £37bn in over 40 years of operations) has been accepted and the price tag being talked about is in the region of £2.4bn. That's a lot of money. But what's more they plan to grow the business over the next three years and IPO it at a market valuation of c£5.5bn.
A lot has happened in the world of platforms this week — most of it in Scotland. First there was the news that Standard Life Aberdeen is selling Parmenion, one of its three platforms. Hot on its heels was the announcement that its Edinburgh neighbour, Nucleus, had received offers for its entire share capital. Last but not least, Novia is reportedly changing hands before Christmas (OK, Novia is technically not Scottish but bear with us).
Nucleus has finally confirmed what we’d suspected for sometime: it’s going to float on the London Stock Exchange’s AIM market. Transact was the first to take the plunge on 2nd March and in the same month AJ Bell announced that it was preparing a flotation in late 2018/early 2019. Nucleus’s announcement came on 2nd July, but it’s working to a punchy calendar and plans to have the whole thing tied up by late July, which is pretty fast by anyone’s book.