As part of the deal John Charcol will continue to trade under its 40-year brand name, while Towergate will be rebranded in the coming weeks.
Palatine’s Ian Darby will join the incumbent John Charcol team as executive chairman, while he will be joined by Simon Knight as its new chief executive.
Darby said: “I am delighted to be able to lead this transaction to invest in a growing national financial advisory and mortgage broking business.
“They both employ some truly great people and we have an excellent strategy to develop and strengthen its routes to market through intelligent strategies and investment.
“The market opportunities available to both businesses are significant and we look forward to capitalising on these over the next few years.”
Palatine’s partners Tony Dickin and Andy Strickland were leading figures in the deal.
Dickin said: “This is a great opportunity for us to invest in two excellent businesses, operating in sectors with positive market dynamics and growth opportunities.
“We very much look forward to working with Ian and the team in taking both businesses forward.”
On 5 March Palatine snapped up Charcol for £8.46m, while back in February the brokerage was acquired by Towergate.
