Openwork Acquires Milecross Financial in First Deal Since Bain Capital Investment
- Simon Bourke
- Jun 19
- 2 min read
19th June 2025
The Openwork Partnership has acquired Milecross Financial Solutions, a financial advice firm based in Northern Ireland that manages approximately £750m in assets and lends around £600m in mortgages annually. This acquisition marks Openwork’s first strategic move since private equity firm Bain Capital took a minority stake in the company.
Milecross has about 100 advisers operating throughout the UK and has shared a working relationship with Openwork for 20 years. Both firms are celebrating their 20th anniversaries this year, and this acquisition signifies strengthening an already long-standing partnership.
Paul Dalzell, the founder and CEO of Milecross, described the acquisition as a natural evolution of their existing collaboration. He stated that the deal secures the future for clients, advisers, and the next generation of leadership at Milecross. The firm will continue to be managed by its current team, while Openwork will provide the necessary capital and infrastructure support to ensure both continuity and growth.
Philip Howell, CEO of Openwork, noted that discussions with Milecross had been ongoing for some time. He added that Bain Capital’s recent investment provided the financial strength required to finalise the deal. Howell framed the acquisition as part of a broader strategy to support succession planning within Openwork’s national adviser network, reassuring practice principals at various stages of their business development.
This acquisition reflects Openwork’s transition from a network to an integrated consolidator as it selectively incorporates high-performing partner firms while allowing them to maintain operational autonomy. Additionally, it demonstrates that Bain's equity injection, approved by the FCA and supported by 98% of Openwork partners, effectively promotes sustainable, adviser-led growth.
At Chapters Capital, we specialise in financial planning and wealth management M&A and understand the importance of strategic acquisitions for growth. Whether you are considering a sale, merger, or expansion or want to learn more about buyers in the space, please contact one of our professional associates today for a confidential, no-obligation consultation.
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