Merian Chrysalis nearly 70% invested after follow-on investments – Growth capital company Merian Chrysalis (MERI) has announced a follow-on investment of £12.2m in Embark Group (Embark), to accelerate execution of Embark’s growth plans, including the acquisition of the Zurich platform (Zurich). The transaction includes an £8m equity investment and £4.2m convertible loan note (CLA). MERI says that subject to regulatory approval of the company as a controlling shareholder, the CLA will convert to equity.
Zurich will add around £11bn of assets under management and more than 130,000 clients to Embark, substantially increasing the size of the group. Richard Watts, co-portfolio manager, notes: “Since our initial investment, Embark has established itself as a disruptive force in the UK retirement and savings market. Embark will be a £33bn+ AuA franchise with exceptional balance across product, distribution channel and activity type. The acquisition of Zurich is perfectly aligned with the company’s growth strategy and we look forward to working with Phil and team as they capitalise on a very material opportunity.”
Topping up TransferWise investment
MERI also announced that it has acquired an additional $4.2m holding in TransferWise Limited from the open-ended UK small- and mid-cap equity funds managed by the company’s investment advisor, Merian Global Investors (UK) Limited.
Following completion of the investment in Embark, MERI will be approximately 69% invested.
MERI: Merian Chrysalis nearly 70% invested after follow-on investments