Broadstone has bought Bristol-based pension and actuarial firm BBS Consultants and Actuaries, its fourth acquisition in 2019.
The acquisition follows the purchases of Liverpool-based CS Financial Solutions, Thomson Dickson Consulting in Glasgow and the London-based 3HR Benefits Consultancy.
Founded in 1997, BBS is a technology-led firm of workplace pensions consultants, actuaries, investment advisers and administrators with 250 clients. It is a significant player in the South West and provides pensions solutions to both trustees and employers.
BBS runs the SuperTrust UK master trust which has the highest 5-year performance across the UK master trust universe, but which is yet to receive authorisation from The Pensions Regulator.
Broadstone Group CEO Grant Stobart says: “Above and beyond our continuing organic growth, our stated intent is to follow our ambitious acquisition strategy across the UK in order to reinforce our position in the national employee benefits and pensions consulting sector. With around 130 staff, excellent technology and some £5 billion of assets under advice, the acquisition of BBS represents Broadstone’s most ambitious and strategically important acquisition to date and effectively doubles our scale in the actuarial consulting, investment consulting and pensions administration space.
“By acquiring BBS we welcome some of the finest pension and employee benefits professionals in the UK to our growing company and they will contribute hugely to our continuing growth and success in the years to come,” concluded Stobart.
BBS managing director Paul Bowden, who will lead the enlarged group’s pensions administration business, says: “There is a strong cultural fit between our companies. Broadstone has an excellent reputation in the marketplace with an impressive range of client solutions and BBS has built a reputation based on professional expertise and exceptional client service. Like Broadstone, we share a deep understanding of the challenges faced by companies and trustees in relation to their pension schemes typically providing a more proactive and personal service than that provided by larger providers. The combination is good news for clients who will benefit from an expanded network and access to a larger pool of consultants providing expert guidance and solutions that will help meet their needs.”
Xavier Woodward, from Broadstone’s private equity parent, Livingbridge, says: “We are delighted to have been able to support Broadstone in making its fourth acquisition of the year. BBS is a super business which brings great people and clients into the Broadstone family. It represents a significant step in building Broadstone into one of the UK’s leading pensions and benefits businesses.”
