Bernard Arnault after UK investment firm True Potential

Bernard Arnault, one of the world’s richest men, is after UK investment firm True Potential

One of the world’s richest men is after UK investment firm True Potential. 

Bernard Arnault, the chief executive of Louis Vuitton owner LVMH, has bid through the blank-cheque company Pegasus Europe, which is also backed by former Unicredit boss Jean Pierre Mustier. 

Blank-cheque vehicles are shell firms which list on the stock exchange to buy an existing business. 

Making headlines: Bernard Arnault (pictured) is the chief executive of Louis Vuitton owner LVMH

Pegasus’s bid for True Potential could see it valued at as much as £2.5billion. 

Other parties interested include private equity firms Cinven and Hellman & Friedman. True Potential uses online technology to offer wealth management and advisory services to savers.  

It also has a site that helps advisers keep track of clients’ accounts, and offers pension auto-enrolment services to employers. 

Founded in 2007 by David Harrison – whose stake is likely to be worth hundreds of millions of pounds – the firm is owned by its partners and private equity firm FTV Capital.

Source link

Spread the love

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Itsu plans to open 100 new stores after striking investment deal

ALEX BRUMMER: UK can be dominant force as football reshapes