Centralis acquires Wheelhouse
Corporate and funds service provider Centralis has acquired tax consultancy Wheelhouse Advisors.
Centralis is backed by UK-based mid-market GP, CBPE Capital.
The deal marks the exit for previous backers Pelican Capital, which had supported the launch of Wheelhouse in May 2020, following a PE-backed MBO of the financial and regulatory reporting and tax divisions of ACA Compliance. The London-based firm provides regulatory and prudential management, regulatory reporting as well as accounting and tax services to clients.
“Launching a brand is never easy, but to do so at the beginning of a worldwide pandemic presented even more unknowns and uncertainties,” commented Wheelhouse CEO Matthew Crisp. “However, we believed there was space in the market for a provider that gave clients the freedom to focus on their strengths and day-to-day business. Establishing Wheelhouse Advisors as a trusted partner and clear market leader in the investment space is an achievement that gives the team and the shareholders immense pride. We remain fully focused on delivering an exemplary service to our clients and we look forward to continued growth and development of our proposition as part of the Centralis Group.”
For the transaction, Pelican’s shareholders were advised by Stephenson Harwood (legal) and Claritas Tax (tax), while management was advised by DWF Group (legal).
The acquisition comes after Wheelhouse received an investment from ThinCats in June 2021. At the time, the firm said the fresh capital would be used to address Wheelhouse’s growth strategy, extend its client proposition as well as harness innovation and digital transformation.
Wheelhouse has since gone on to partner with RFA (August 2021) in a bid to support investment firms with their specific reporting and compliance needs.
To find out more about the firm and its history check out our profile with Wheelhouse’s CEO Matthew Crisp, here.