Economics is proving to be a profitable business for well-known City forecaster Roger Bootle, as he is set to sell his research firm Capital Economics for £95m.
Founded by Bootle in 1999, Capital Economics will be pocketed by private equity firm Phoenix Equity Partners in a deal due to be inked next week, City A.M. understands.
Phoenix will acquire a majority stake from Bootle himself and private equity investor LDC, which currently owns a minority stake having invested in the company in 2014.
When LDC invested a small sum of less than £25m, the business was valued at £70m.
Sources told Sky News that Mr Bootle would receive cash for part of his stake and become non-executive chairman, but added he would remain a long-term shareholder.
Unlike many in the City, Bootle is staunchly pro-Brexit and has been part of groups which argue that a departure of the UK from the EU should actually lead to growth.
He has built Capital Economics into a global business, with offices in places such as the US, Australia and Singapore.