A management buy-out of Defaqto Group has taken place. Synova Capital has invested alongside the existing management team, acquiring a majority shareholding in the business.

Synova’s investment will support the management team to grow the company primarily through its organic activities with a strategy to double the size of the business over the next few years.

Zahid Bilgrami, Defaqto’s chief executive, said: “We are delighted to be supported in this next phase of growth by Synova. We believe there are a number of exciting opportunities ahead of us, including the expansion of the products and services that we offer to our customers on top of our unique product intelligence.”

Philip Shapiro, a managing partner at Synova and non-executive director of Defaqto, said: “We are delighted to be partnering with Defaqto’s impressive management team who have delivered exceptional growth in recent years.

“We believe that Defaqto will continue to grow strongly as it provides greater transparency to the highly complex and heavily regulated retail financial services market.”