Rialto Investment Partners acquires Purpose

Posted: 02/08/2022

Jersey private equity firm Rialto Investment Partners has acquired Purpose, a Jersey-based bookkeeping, accountancy and tax practice for local owner-managed businesses.

Rialto was formed in October 2020 by Luke Smith and Oliver Mourant to acquire high-performing local companies. This latest deal follows Rialto's acquisition of Maillard & Co last year and the development of its property maintenance and shared services businesses this year. 

Rialto has stated that its aim is to create a local pension fund, investing in local businesses.

JulieHeaven_Purpose_aug22Oliver Mourant, Director of Rialto, commented: “We are thrilled to add Purpose to our portfolio of local professional services businesses. This acquisition really puts us on our way to delivering a rewarding pension fund for local people, bringing with it opportunities for further acquisitions.”

Julie Heaven (pictured), Director at Purpose, said: “The team at Purpose has grown to a size that required more and more administrative effort. Now we have the support of Rialto’s shared services team, it leaves us free to focus on doing what we do best.”

All staff will stay in the business and the Purpose branding will remain, with Purpose becoming a Rialto portfolio company in the same way as Maillard & Co.

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