Epiris to acquire Winterflood Business Services
News
POSTED 01 December 2025
Epiris to acquire Winterflood Business Services
Epiris today announces that Epiris Fund III, advised by Epiris LLP (“Epiris”), has agreed to acquire Winterflood Business Services (“WBS”), a leading provider of trading and custody solutions to the UK wealth management industry, from Marex Group plc (“Marex”). WBS is currently one of three main operating businesses of Winterflood Securities Limited (“Winterflood”) Marex today acquired from Close Brothers plc. Financial terms are not being disclosed.
Founded within Winterflood in 2010, WBS has grown to become the UK market leader in exchange-traded dealing and custody for retail wealth platforms. Its proprietary EOS technology platform delivers best-in-class execution, custody, and reporting solutions for many of the UK’s leading wealth and retail investment platforms, including Fidelity, Transact, and Vanguard.
WBS operates in a market supported by strong structural growth drivers, including the continued shift from mutual funds to exchange-traded products and the ongoing trend towards outsourcing technology and dealing infrastructure. The business benefits from long-term contracts, recurring revenues and high customer retention, and has demonstrated consistent growth and profitability over more than a decade.
WBS will continue to be led by Alex Kerry, CEO, and its existing WBS management team.
Owen Wilson, Chief Investment Partner at Epiris, said:
“WBS is a high-quality business with a leading position in a market enjoying strong structural tailwinds. Alex and his team have built an exceptional platform for growth, and we are delighted to partner with them as WBS embarks on its next chapter as an independent company. This investment exemplifies Epiris’ strategy of acquiring and transforming complex corporate carve-outs into thriving standalone businesses, and we look forward to supporting WBS in realising its full potential.”
Alex Kerry, CEO of WBS, said:
“This marks an exciting new chapter for WBS and our clients. With Epiris’ support, we will be able to further build on our strong position in the UK wealth market and accelerate our expansion into new markets. Epiris’ strong understanding of our business and track record in supporting growth through strategic investment make them an ideal partner for us.”
The Epiris team on the WBS investment is Owen Wilson, Aaron Atwal and Demi Ogunlela. Epiris was advised by PwC, Mayer Brown, LEK Consulting, AlphaFMC, GP Bullhound and AJ Gallagher.
The transaction is subject to certain conditions including regulatory approvals and is expected to close in the first part of 2026 at which point it will be Epiris Fund III’s sixth investment.
ENDS
For Epiris LLP please contact:
Greenbrook Advisory Peter Hewer, Demi Kurban +44 (0)20 7952 2000
About Epiris
Epiris is a private equity firm building great businesses that deliver outstanding returns for investors. The firm focuses on identifying and resolving the complexities which hold businesses back, providing fresh capital and thinking to reposition businesses strategically and in terms of scale and growth. It targets control positions in UK and international businesses with an enterprise value of between £75 million and £750 million, deploying between £50 million and £250 million of equity in each investment.
Epiris’ current investments include Amber Taverns, a leading UK pub operator; Pure Cremation, the UK’s leading provider of funeral plans; GSF a leading UK supplier of aftermarket automotive parts; LoneStar, a supplier of high-performance fasteners to the world’s industrial and energy markets; Delinian, a global B2B information services business; Sepura, a leading global provider of digital radio systems for mission-critical applications; Inchcape Shipping Services, one of the world’s largest maritime services providers; Appello, a leading technology-enabled care provider; Fluid Water Group, a producer of pumps and water-boosting products for residential and commercial uses; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; The Big Table, a leading UK restaurant operator; Nucleus, an investment platform; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; and The Club Company, the UK’s largest country club operator.
For further information, please visit www.epiris.co.uk.
Issued by Epiris LLP which is authorised and regulated by the Financial Conduct Authority.