Broadstone, one of the UK’s leading independent providers of specialist pensions, trustee and employee benefits solutions, has announced that it has forged a partnership with Intermediate Capital Group plc (ICG) subject to approval by the FCA.
Broadstone’s deal with ICG secures the financial backing to maintain and accelerate its ambitious growth plans and allows management to increase its stake in the business. It brings to a successful conclusion Broadstone’s five-year relationship with the mid-market private equity investment firm, Livingbridge, and is an endorsement of the expertise of Broadstone’s people, proposition and strategic aims.
The last few years have witnessed a hugely successful period of sustained and significant expansion fuelled by an ambitious programme of both organic growth and strategic acquisition. Broadstone and 20-20 Trustees now employ over 400 professionals in eight offices across the UK. The growth cements the firm’s position as one of the most respected independent providers of pensions consulting, employee benefits consulting and pension trusteeship services in the country.
Commenting on the acquisition, Broadstone CEO, Grant Stobart, said: “We are delighted to be partnering with ICG as we continue to build a distinctive, integrated UK employee benefits group of scale. I would like to thank Livingbridge for their significant support over the last five years. Whilst it’s very much business as usual for our clients and colleagues, this backing will help us to continue to invest in our talent, solutions and services as we help our clients deliver on their commitment to their members and employees. In addition, it provides us with capital to make further quality acquisitions.”
Peter Kirtley, Managing Director at ICG, said: “We are very much looking forward to working with the Broadstone management team to continue the exciting build-out of the group. We see excellent opportunities ahead for growth in Broadstone and 20-20 Trustees’ marketplace and continued expansion via targeted add-on acquisitions.”
On this transaction Broadstone and Livingbridge were advised by Deloitte Corporate Finance and Eversheds Sutherland, and ICG were advised by Stephens, Travers Smith and Grant Thornton.’
For further information please contact Mark Casey mark@daiscomms.com or Fraser Butters fraser@pervasivepr.com
