Broadstone is actively seeking M&A partners following the completion today of its corporate benefits and risk & healthcare businesses by private equity investor Livingbridge.
Livingbridges completed the purchase from Oakley Capital Private Equity, which was first announced last December, for an undisclosed fee.The private equity firm says it plans to finance Broadstone’s plans for growth through acquisition
Broadstone provides pensions, employee benefits, actuarial and investment services advice to small and medium sized employers, pension scheme trustees and individual pension scheme members and has 131 staff across the UK with offices located in London, Sheffield and Falkirk.
Originally created by a tax partner at BDO Stoy Hayward in 1989, Broadstone was acquired by Oakley in 2010. Fenchurch Advisory Partners advised Oakley on the transaction, while Hines Associates Limited advised Livingbridge. The deal with Livingbridge will help Broadstone build scale through its stated growth strategy, specifically through mergers and acquisitions, and further enable the firm to broaden its offering and capabilities.
Broadstone chief executive Mark Howlett says: “Our new partnership with Livingbridge signals the start of what I know will be a successful long term relationship and allow Broadstone to continue on its current growth trajectory. Our immediate plans are to focus on identifying the most suitable M&A partners to build on this growth, which in turn will help us achieve our future goal of becoming one of the leading employee benefit consultants for the mid-market arena. We look forward to an exciting future with Livingbridge.”
Xavier Woodward from Livingbridge says: ‘We are excited about the opportunity to work with Mark and the rest of Broadstone’s management team in building a leading force in the employee benefits space. We look forward to helping the business achieve organic growth and supporting it in making acquisitions.”
