Embark Group Acquisition, Valuation, Funding & Investors
Embark Group was acquired by Lloyds Banking Group for $503M in July 2021, a 11.6x multiple on $43M of revenue.
Embark Group revenue at acquisition
$43M
Last twelve months · Jul 2021
Embark Group revenue multiple at acquisition
11.6x
EV/Revenue · Jul 2021
Cumulative funding Embark Group raised
$48M
across 3 funding rounds
About Embark Group
Embark Group is a UK-based retirement solutions provider investing in financial services businesses. The firm acquires and develops platforms in pensions, savings, and investment management across the UK and international markets using technology and capital deployment.
Founded
1998
HQ
LondonWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Investment management
Revenue
$39M (Jul 2019)
Valuation
$503M (acquired Jul 2021)
Embark Group Acquisition
Embark Group was acquired by Lloyds Banking Group for $503M on 29 July 2021.
The acquisition price implies a 11.6x revenue multiple on $43M of revenue.
Before the acquisition Embark Group had raised $48M across 3 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 29 Jul 2021 | Strategic M&A | $503M | 11.6x |
Embark Group Revenue
Embark Group's latest recorded revenue is $39M, as of its undisclosed-stage round in July 2019.
Embark Group revenue by funding round
| Date | Revenue * | Stage |
|---|---|---|
| Jul 2019 | $39M | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Embark Group Funding History
Embark Group has raised a total of $48M across 3 funding rounds.
Embark Group's first fundraising round was a strategic investment round in January 2019. The most recent completed round was a undisclosed-stage round in November 2019.
Embark Group funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Nov 2019 | Undisclosed stage | Chrysalis Investments | - | Merian Chrysalis Investment Company announced a GBP 12.2 million follow-on investment in Embark Group on 19 November 2019, made up of GBP 8 million of equity and a GBP 4.2 million convertible loan note. The money was raised specifically to let Embark complete the purchase of Zurich's UK retail investment platform business, Sterling ISA Managers and Zurich Investment Services, which added around GBP 11 billion of assets and more than 130,000 clients and materially increased the size of the group. The investment lifted Chrysalis's cost in Embark to GBP 27.1 million and increased its shareholding. Embark Group ran an investment platform and administered SIPPs, SSASs and workplace pension schemes for advisers and institutions in the UK, trading under brands including Embark, Rowanmoor, Hornbuckle and Vested, and had been building scale through a series of platform acquisitions that also included Alliance Trust Savings. The group was sold to Lloyds Banking Group in 2021. |
| Jul 2019 | Undisclosed stage | Chrysalis Investments; BlackRock; Legg Mason | $48M | Embark Group announced a GBP 39.4 million capital raising on 4 July 2019 in which Merian Chrysalis Investment Company, BlackRock and Legg Mason together took about 40 per cent of the business. Merian Chrysalis, now Chrysalis Investments, invested GBP 14.9 million for a 19.99 per cent holding, while BlackRock and Legg Mason each took 9.9 per cent; none of the three took a seat on Embark's independent board. Chief executive Phil Smith said the proceeds would fund predominantly organic growth, accelerating distribution partnerships and potentially funding acquisitions, and the asset managers were expected to work with Embark on new propositions. Embark Group was a UK retirement and savings business that ran an investment platform and administered SIPPs, SSASs and workplace pension schemes for advisers and institutions, trading under the Embark, Rowanmoor, Hornbuckle, Vested and The Adviser Centre brands and providing white-label platform technology to firms including Nutmeg, Moneyfarm and Charles Stanley. It reported revenue of GBP 32 million for calendar 2018, up 10 per cent, with net profit of GBP 0.1 million, and had grown to GBP 15.5 billion of assets under administration in under six years. |
| Jan 2019 | Strategic investment | FNZ (lead) | - | FNZ acquired a 9% shareholding in Embark Group in January 2019, subscribing as the sole participant in a small rights issue by the United Kingdom retirement and investment platform business. Alongside the investment the two companies extended their existing technology partnership, under which FNZ supplies the platform infrastructure behind Embark's adviser wrap, from five years to a further ten years running to 2028. The amount invested was not disclosed. FNZ said it would take no board seat and would have no control or day-to-day involvement in Embark's operations, presenting the stake as a commercial commitment to a long-standing client rather than a step towards ownership. Embark Group, led by chief executive Phil Smith, brought together the Embark investment wrap platform, the self-invested pension providers Rowanmoor and Hornbuckle and the fund research business The Adviser Centre, and administered more than £15 billion of assets at the time, much of it already running on FNZ technology. Adrian Durham, FNZ's founder and chief executive, described Embark as one of the growth engines of FNZ's United Kingdom business. FNZ sold the holding two and a half years later when Lloyds Banking Group acquired Embark. |
Who has invested in Embark Group?
4 investors have backed Embark Group across its funding rounds, including Chrysalis Investments, BlackRock, FNZ and Legg Mason.
Lead investors include FNZ.
Embark Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| London | 2 | Participant | Jul 2019 | |
 United States | 1 | Participant | Jul 2019 | |
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Start Free TrialAcquisitions by Embark Group
Embark Group has acquired 4 companies to date.
Last acquisition by Embark Group was on May 1st 2020. Embark Group acquired Horizon by Embark for undisclosed valuation.
Latest Acquisitions by Embark Group
| Description | Horizon by Embark is a UK-based investment platform offering five multi-asset portfolios matched to investor risk profiles. Managed by Embark Investments with asset allocation from eValue and active strategies by Columbia Threadneedle, the portfolios target long-term growth for high-net-worth individuals. Recognized with the Defaqto 5 Diamond rating in 2020, Horizon delivers diversified exposure across equities, bonds, and alternatives. | Advance by Embark is a London-based digital platform powered by FNZ technology for retirement planning and investment services. It enables advisers to access over 100 fund managers, thousands of mutual funds, UK-listed stocks, shares, and exchange-traded assets through tax wrappers like ISAs, Retirement Accounts, and Investment Accounts. The platform supports pre-retirement accumulation and post-retirement income drawdown for UK clients. | EBS Pensions Ltd is a London-based administrator of Self-Invested Personal Pensions. The firm enables members to invest SIPP funds in equities, bonds, property, and alternative assets through online platforms. Regulated by the FCA, it processes contributions and tax relief for UK residents. Founded in 2006, EBS Pensions integrates with custodians like Interactive Investor. | - |
| HQ Country | | | | |
| HQ City | London | London | London | Edinburgh |
| Deal Date | 1 May 2020 | 1 May 2020 | 11 Apr 2017 | 29 Mar 2017 |
| Valuation | undisclosed | undisclosed | $5M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Embark Group Competitors
Embark Group competitors include listed companies like Bell Financial Group and Edelweiss Financial Services, and private ones like Nomad, Ellevest, Upvest and Willow Wealth.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 São Paulo | Private | - | - | $367M | - | |
| New York City, NY | Private | $17M | - | $364M | - | |
 Germany | Private | $115M | - | $735M | 6.4x | |
 Australia | Publicly listed | $213M | $42M | $332M | 0.8x | |
| New York City, NY | Private | $100M | - | $1.3B | - | |
 India | Publicly listed | $606M | - | $1.3B | - |
Embark Group Public Comps
Embark Group is no longer listed, but its public comps include Share India Securities, Barita Investments, Patria Renda Urbana FII, Finatext, Altshuler Shaham, PensionBee, ABG Sundal Collier, Beltone Holding, HSBC Bank Malta and AlTi Global.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $143M | $40M | 3.5x | - | 12.5x | - | |||
| $54M | - | 11.1x | - | - | - | |||
| $46M | - | 11.1x | - | - | - | |||
| $71M | $13M | 6.3x | 5.4x | 34.1x | - | |||
| $301M | $87M | 2.3x | - | 7.8x | - | |||
| $57M | ($5M) | 6.6x | 5.5x | (81.4x) | 107.9x | |||
| $231M | $62M | 1.6x | - | 5.8x | - | |||
| $235M | $28M | 2.7x | - | 22.5x | - | |||
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Common questions about Embark Group
| When was Embark Group founded? | Embark Group was founded in 1998. |
| Where is Embark Group headquartered? | Embark Group is headquartered in London, United Kingdom. |
| Is Embark Group publicly listed? | No, Embark Group was acquired by Lloyds Banking Group in July 2021. |
| Who acquired Embark Group? | Embark Group was acquired by Lloyds Banking Group in July 2021. |
| How much was Embark Group acquired for? | Embark Group was acquired for $503M in July 2021, a 11.6x revenue multiple. |
| How much funding has Embark Group raised? | Embark Group has raised $48M across 3 funding rounds. |
| What was Embark Group's last funding round? | Embark Group's last funding round was a undisclosed-stage round in November 2019. |
| Who are Embark Group's investors? | Embark Group's investors include Chrysalis Investments, BlackRock, Legg Mason and FNZ. |
| What is Embark Group's revenue? | Embark Group's latest recorded revenue is $39M (July 2019). |
| Which companies are comparable to Embark Group? | Companies comparable to Embark Group include Nomad, Ellevest, Upvest, Bell Financial Group, Willow Wealth and Edelweiss Financial Services. |
| How many companies has Embark Group acquired? | Embark Group has acquired 4 companies, including Horizon by Embark, Advance by Embark, EBS Pensions Ltd and DISCUS (Discretionary Investment Services Coming Under Scrutiny). |
| What was the largest acquisition by Embark Group? | The $5M acquisition of EBS Pensions Ltd in April 2017 is the largest acquisition Embark Group has made to date. |
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