Private equity firm Palamon Capital Partners has sold wealth management firm Towry to Tilney Bestinvest for £600m.

The deal, still subject to regulatory approval, is set to net Palamon a bumper thirteen-fold return on its original investment.

Back in 2003 Palamon bought Towry’s parent company John Scott & Palmers and has since grown the business through eight separate acquisitions, including a reverse takeover of the company’s namesake, Towry Law, in 2006.

Since then, Towry’s revenues have grown from £5m to £120m while client assets have gone from £250m to over £9bn as of June 2015.

The tie-up boosts Tilney Bestinvest’s combined assets under discretion or advice to more than £20bn.

According to Bestinvest, the group will offer a comprehensive range of services including investment management, investment advice, financial planning and, in Bestinvest, a state-of-the-art online service for self-directed investors.

Peter Hall, chief executive of Tilney Bestinvest, stated that his intention is to “combine the best of both firms to create market-leading expertise.”

Towry was advised on the deal by Evercore with Citi advising Tilney Bestinvest.